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India's Diamond Exports Plummet Amidst Global Unrest
17 May
Summary
- Overall diamond exports declined by 19.65% in April.
- Gems and jewellery exports fell by 9.07% due to West Asia conflict.
- US market uncertainty and tariffs also impacted export performance.
India's gems and jewellery sector faced a substantial contraction in exports during April. Overall shipments declined by 9.07%, reaching $2,226.45 million, a notable drop from the previous year's figures. The Gem & Jewellery Export Promotion Council (GJEPC) highlighted the West Asia conflict as a primary driver for this downturn, citing worldwide disruptions.
Further exacerbating the situation, uncertainty surrounding tariffs continues to affect exports to the United States, a critical market for Indian gems and jewellery. The export of cut and polished diamonds specifically decreased by 19.65% in April, amounting to $890.91 million. Polished lab-grown diamond exports also saw a dip of 15.53%.
Gold jewellery exports experienced a significant decline of 21.77%. Plain gold jewellery exports plummeted by 47.06%, though studded gold jewellery exports showed a positive trend, growing by 16.02%. In contrast, silver jewellery exports surged dramatically by 444% compared to the same period last year.
