India's polished diamond exports have fallen sharply to their lowest in two decades, largely due to sluggish demand from the US and China, the Gem & Jewellery Export Promotion Council (GJEPC) said in its annual report for the 2024/25 financial year that ended in March.
As noted, polished diamond exports in the 2024/25 financial year amounted to $13.3 billion, down 16.76% from $15.9 billion last year. Polished diamond imports also fell by 36.6%, to $1.2 billion for the year, down from $1.9 billion a year earlier.
Diamond imports fell by 24.3%, from $14.3 billion to $10.8 billion.
Preliminary gross exports of lab-grown diamonds (LGD) rose to $132 million in March compared to $123 million in the same period last year, demonstrating growth of 6.64%. Gold jewellery exports also increased in March, up more than 27%, from $873 million to $1.1 billion.
Experts note that US tariffs were the reason for the growth in exports in March, but at the same time “they also created a headwind.” Overall, over the year, the LGD export decreased by 9.64% since April 2024 to March 2025 - from $1.4 billion to $1.3 billion. A similar situation occurred with gold jewellery - at the end of the year, its exports decreased slightly (by 0.11%), amounting to $11.215 billion against $11.227 billion a year earlier.
Total exports of precious stones and jewellery for the 2024-2025 financial year fell by 11.7% - from $32.3 billion to $28.5 billion. Total gross imports of precious stones and jewellery also decreased by 11.9% - from $22.3 billion to $19.6 billion.
India is the world's largest cutting and polishing center, processing nine out of every 10 diamonds processed globally. But it is sensitive to economic uncertainty, particularly in the United States, its biggest market, which accounts for more than a third of Indian exports.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
