Business: India’s gems and jewelery trade witnessed a decline in October amid weak global demand and higher tariffs. Gems and Jewelery Export Promotion Council (GJEPC) gave this information. According to GJEPC data, exports and imports declined across key sectors due to weak global demand, higher interest rates, supply chain disruptions and the impact of sharp US tariffs.

Total exports decreased by 30.5 percent in October
The data shows that total gross exports declined by 30.57 percent to $2,168.05 million (Rs 19,172.89 crore) in October 2025. It was $3,122.52 million (Rs 26,237.10 crore) a year ago. Imports also declined by 19.2 percent to US $ 1276.8 million (Rs 11,299.6 crore), which was US $ 1580.13 million (Rs 13,276.26 crore) in the same month last year.

The impact of trade tariffs is now being felt
Colin Shah, managing director of Cama Jewellery, said the impact of trade duties imposed earlier was now being felt. This has increased costs and reduced purchasing. He said that after the festivals, companies are also increasing or decreasing their stock as per the market situation.

Fluctuations in gold and diamond prices
Domestically, fluctuations in gold and diamond prices, limited financing for exporters, and adjustments in the laboratory-grown diamond sector contributed to the decline in imports and exports. GJEPC further said that currency fluctuations and a strong dollar further affected price competition and trading volumes.

Decline in export of cut and polished diamonds
Exports of cut and polished diamonds declined by 26.97 percent to $1,025.99 million (Rs 9,071.41 crore) in October. At the same time, imports declined even more by 35.76 percent to $ 132.95 million (Rs 1,176.7 crore).

GJEPC highlighted the dual impact of the new US tariffs, including reciprocal measures, and increased competition from laboratory grown diamonds (LGD). Their prices are very low, reducing margins for natural diamonds.

The council said manufacturers affected by the tariffs have cut production, and as global demand slowly recovers, the sector is focusing on stock optimization rather than new imports.

Huge decline in gold jewelery exports
Gold jewelery exports declined sharply by 24.61 per cent to $850.15 million in October as 50 per cent US tariffs made Indian products uncompetitive and orders were cancelled. However, in the April-October 2025 period, gold jewelery exports increased by 11.9 per cent to $6,645.63 million. This was supported by higher gold prices and strong demand in the first half of the year.

Gross exports of silver jewelery remained better
Gross exports of silver jewelery (provisional, April 2025 – October 2025) stood at $ 717.78 million (14.36 percent in rupee terms). This is better than last year’s corresponding figure of $652.95 million (Rs 5,465.16 crore). Due to higher gold prices in the current year, silver jewelery exports increased by 9.93 per cent in dollar terms and 14.36 per cent in rupee terms during April-October 2025.