India’s gem and jewellery exports to the United States declined 44.42% year-on-year to $ 3.86 billion during April–December 2025, compared to $ 6.95 billion in the corresponding period last year, according to data released by GJEPC. In December 2025 alone, exports to the US fell 50.44% year-on-year, reflecting tariff-related pressures and subdued discretionary demand.

Commenting on the decline, Kirit Bhansali of GJEPC said, “The United States remains India’s largest export destination, accounting for nearly 30% of our gem and jewellery exports. The sharp decline in shipments is a matter of serious concern. Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters. That said, we have full faith in the Government of India and remain hopeful that ongoing bilateral trade discussions will lead to a positive and timely resolution.”

Despite the contraction in the US market, India’s overall gem and jewellery exports remained stable during April–December 2025. Provisional exports for the nine-month period stood at $ 20.75 billion, reflecting a marginal year-on-year decline of 0.41%, while registering 3.69% growth in rupee terms.

Growth in jewellery exports, particularly gold, silver and platinum jewellery, offset moderation in cut and polished diamonds and lab-grown diamonds. Exports to the UAE increased 28.08% year-on-year to $ 6.89 billion, while shipments to Hong Kong rose 28.19% to $ 4.25 billion. Exports to Australia grew 39.83% to $ 277.76 million.

Highlighting the role of trade agreements, Bhansali said, “Free Trade Agreements with the UAE and Australia have come at a crucial time for the industry. Recent FTAs with the UK, Oman, New Zealand and others will further enhance competitiveness by reducing duties and easing trade barriers.”

On gold exports, Bhansali added, “During April–December 2025, plain gold jewellery exports recorded a value growth of 7.72% to $ 3,816.97 million. It is important to note that this increase was largely value-led, as gold bar prices rose by 52% compared to the same period last year, resulting in higher export realisations even though export volumes moderated.”