Editor’s Note
Despite looming U.S. tariff threats, India’s gem and jewelry sector posted strong export growth in July 2025, highlighting the industry’s resilience amid trade uncertainties.
Amid fears of the US imposing a 25% tariff on India from August 7 and a total of 50% from August 27, the gem and jewelry trade witnessed a robust surge in July 2025. According to data released by the Gem & Jewellery Export Promotion Council (GJEPC), the total export of gems and jewelry last month increased by 15.98% to ₹18,756.28 crore, up from ₹15,700 crore in July of the previous year.
On the other hand, the total gross import of gems and jewelry in July increased by 26.55% to ₹15,588 crore, compared to ₹11,956 crore in the same period last year.
According to the report, exports of cut and polished diamonds from India in July saw a 17.76% increase, reaching ₹9,231 crore, compared to ₹7,609 crore in the same period last year.
Imports of cut and polished diamonds also increased by 32%. Meanwhile, imports of rough diamonds increased by 1.48%. Exports of polished lab-grown diamonds saw a 27.61% rise. Exports of gold jewelry increased by 16.39%, while exports of platinum jewelry rose by 14.11%. However, exports of colored gemstones in July saw only a 1.93% year-on-year increase.
This significant growth is attributed to accelerated trade activities in July to hedge against potential tariff threats starting August 2025. The festive season is beginning in India, followed by the holiday season in Western countries, so a large portion of trade was completed in July 2025 itself. Beyond seasonal demand, several factors, such as product diversification into lighter and contemporary designs, have attracted young buyers. Additionally, better market access through trade agreements like the India-UAE CEPA has also enhanced the competitiveness of Indian gems and jewelry. Platinum, as a cheaper alternative to gold, has attracted youth. Demand has also increased due to new and modern lightweight designs.