MUMBAI: India’s overall gems and jewellery exports witnessed a 4.98 per cent on-year decline to $1,883.85 million (Rs 16,978.44 crore) in December 2025, as geopolitical uncertainties affected demand in key export markets, the Gem and Jewellery Export Promotion Council (GJEPC) said on Friday.
The total gem and jewellery exports stood at $1,982.62 million (Rs 16,843.87 crores) in December 2024, GJEPC stated.
Exports were almost flat during April-December 2025 at $20,751.28 million, a decline of 0.41 per cent, compared to $20,837.45 million for the same period of the previous year.
The near-flat performance highlights market stabilisation, with strong growth in jewellery exports, particularly gold, silver and platinum jewellery, offsetting moderation in cut and polished diamonds and lab-grown diamonds, GJEPC stated.
“This trend reflects the industry’s ability to adapt through product mix optimisation, value addition, and diversified export destinations,” GJEPC chairman Kirit Bhansali said.
A key stabilising factor has been the industry’s ability to leverage Free Trade Agreements (FTAs) and deepen its presence in alternative markets.
Exports to the United Arab Emirates rose 28.08 per cent year-on-year to $6.89 billion, while shipments to Hong Kong increased 28.19 per cent to $4.25 billion. Exports to Australia also recorded strong growth, rising 39.83 per cent to $277.76 million, underscoring the growing importance of diversified and FTA-supported markets.
However, exports to the United States witnessed a year-onyear decline of 44.42 per cent during April-December 2025, to $3.86 billion, compared to $6.95 billion in the corresponding period last year, the GJEPC data showed.
In December 2025, exports to the US declined by 50.44 per cent year-on-year, reflecting the continued impact of tariff-related pressures and subdued discretionary demand. “The US remains India’s largest export destination, accounting for nearly 30 per cent of our gem and jewellery exports. The sharp decline in shipments is a matter of serious concern,” Bhansali said.