Cut & polished diamond exports declined by 23.49%, polished lab-grown diamond exports declined by 24.95%, while gold jewellery exports went up by 5.75% in June 2025, according to GJEPC data
Mumbai: As per data released by the gems and jewellery Export Promotion Council (GJEPC), the overall gross exports of gems & jewellery in June 2025 stood at $1626.96 million (Rs 13978.980 crore) reflecting a dip of 14.25% as compared to $1897.25 million (Rs 15836.94 crore) for the same period last year. This downtrend is primarily because of the economic uncertainties circling US President Donald Trump’s reciprocal tariff imposition on imports, that has led to weak demand from key markets. Moreover, the recent geopolitical unrest in the Middle-East has further disturbed the global consumption demand.
On the other hand, the overall imports of gems & jewellery for June 2025 stood at $1549.17 million (Rs 13308.49 crore) in the month of June 2025, showing a decline of 2.96% as compared to $1596.36 million (Rs 13322.76 crore) for the same period of the previous year. The demand in the home ground is stagnant due to high gold prices and economic uncertainties clubbed with a comparatively dull period for gold-buying. However, the onset of festive and wedding season is expected to bring back the lost vigour in terms of demand.
Cut and Polished Diamonds: The overall gross export of cut & polished diamonds at $778.78 million (Rs 6692.94 crore) in June 2025 is showing a decline of 23.49% as compared to $1017.87 million (Rs 8496.87 crore) for the same period of the previous year. Major markets like the US, China, and Europe have seen reduced consumer spending on luxury goods due to inflation, recession fears or high interest rates that has led to a decline in demand for polished diamonds. Also the global preference for lab-grown diamonds has increased, especially in the US market, which has possibly led to lower interest in real diamonds.
Similarly, the overall gross imports of cut & polished diamonds at $71.82 million (Rs 616.72 crore) in June 2025 is showing a decline of 7.03% as compared to $77.25 million (Rs 644.8 crore) for the same period last year.
Rough Diamonds: Gross imports of rough diamonds at $3222.93 million (Rs 27567.68 crore) in June 2025 have shown a decline of 5.13% compared to $3397.08 million (Rs 28330.10 crore) for the same period last year. This can be attributed to muted demand from major markets like the US and China. This has also led to traders clearing their existing inventories first due to the fear of uncertain market conditions.
Polished Lab-grown Diamonds: Provisional gross export of polished lab-grown diamonds for June 2025 at $66.67 million (Rs 572.86 crore) shows a decline of 24.95% over the comparative figure of $88.83 million (Rs 741.48 crore) for the previous year. Countries like China are increasing lab-grown diamond production, resulting in a stringent price competition in international markets that has led to the decline in exports.
Gold jewellery: The total gross export of gold jewellery stood at $630.33 million (Rs 5415.71 crore) in June 2025, showing a growth of 5.75% as compared to $596.07 million (Rs 4974.61 crore) for the same period of the previous year. This could be a result of increased demand from major export destinations such as the Middle East, the US and Southeast Asia. This growth can also be attributed to the rising demand of the yellow metal leading to consistent price rise due to global economic uncertainties. This has prompted consumers to park their wealth in safe-haven assets like gold which is known to provide hedge to the investments to safeguard against global economic volatilities.
Coloured gemstones: Provisional gross export of coloured gemstones for June 2025 at $96.7 million (Rs 826.44 crore) showing growth of 6.06% compared to $91.18 million (Rs 760.74 crore) in June the previous year. This can be attributed to the trend of return of coloured gemstones that are increasingly seeing a come-back in bridal jewellery and designer jewellery, driven by both celebrities and fashion houses.
Commenting on the export scenario, Colin Shah, MD, Kama Jewelry said, “The consistent decline of exports rolling over in June 2025 is majorly due to the uncertainties that is still looming around the impending tariffs that Donald Trump has been announcing gradually. This has disrupted the global markets and have spread a wave of uncertainties whose chain-effects are clearly visible on the domestic market as well. Moreover, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine continue to act as a deterrent to the demand, thereby adding further woes to the already ailing sector.
“Going forward, we expect trade activities to be discreet until the Trump tariffs are completely rolled out, as this will decide how the industry will navigate with the new tariff regime. Additionally, we will need to monitor the development regarding the India-US bilateral trade talks closely as that would decide the further course of trade activities between both the countries. On the other hand, domestic demand for gold is now likely to gain momentum with the start of Indian festivities and the wedding season.”
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