SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectSourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April
The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
India’s Gems and Jewellery Export Promotion Council reported that gross exports of polished diamonds were down 6 percent in April, while cut and polished diamond imports dropped nearly 50 percent. India cuts and polishes more diamonds than any country in the world.
Mumbai, India—India witnessed a drop in gem and jewelry exports in April, a decline one industry leader attributed to tariffs and the now-temporarily cooled trade war between the United States and China.
“The exports witnessing a decline in April 2025 can be viewed as a direct impact of the tariffs levied by President Trump, which have shaken the global market, thereby creating a ripple effect in the domestic market as well,” said Colin Shah, managing director of Indian jewelry manufacturer Kama Jewelry and a former chairman of India’s Gem and Jewelry Export Promotion Council (GJEPC).
“Secondly, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine and the U.S.-China trade war continue to spread a wave of uncertainty across the globe, thereby impacting the supply-demand dynamics.”
On Tuesday, the GJEPC, which is India’s main jewelry trade organization, reported that overall gross exports of gems and jewelry totaled $2.04 billion in April, down 5 percent from $2.14 billion in April 2024.
Imports of gems and jewelry declined more significantly, dropping 18 percent year-over-year to $1.57 billion.
GJEPC reported that gross exports of cut and polished diamonds were down 6 percent year-over-year to $1.12 billion.
Imports declined more significantly, dropping 46 percent year-over-year to $47.6 million, as global demand for diamonds continues to be soft.
Related stories will be right here …
“The exports witnessing a decline in April 2025 can be viewed as a direct impact of the tariffs levied by President Trump, which have shaken the global market, thereby creating a ripple effect in the domestic market as well,” said Colin Shah, managing director of Indian jewelry manufacturer Kama Jewelry and a former chairman of India’s Gem and Jewelry Export Promotion Council (GJEPC).
“Secondly, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine and the U.S.-China trade war continue to spread a wave of uncertainty across the globe, thereby impacting the supply-demand dynamics.”
On Tuesday, the GJEPC, which is India’s main jewelry trade organization, reported that overall gross exports of gems and jewelry totaled $2.04 billion in April, down 5 percent from $2.14 billion in April 2024.
Imports of gems and jewelry declined more significantly, dropping 18 percent year-over-year to $1.57 billion.
GJEPC reported that gross exports of cut and polished diamonds were down 6 percent year-over-year to $1.12 billion.
Imports declined more significantly, dropping 46 percent year-over-year to $47.6 million, as global demand for diamonds continues to be soft.
While trade in polished diamonds declined in April, India did see some stabilization in the rough diamond market.
Gross imports of rough diamonds were essentially flat year-over-year, totaling $1.2 billion.
Shah attributed this in part to domestic demand, noting an increase in demand for polki (uncut) diamonds during the Indian wedding season.
Exports of polished lab-grown diamonds also were flat year-over-year, totaling $110.7 million compared with $110.3 million in April 2024.
Shah said the stones are “gradually but steadily picking up pace in the international market,” particularly among younger consumers.
Gold jewelry exports, meanwhile, declined 5 percent to $684.5 million, with Shah noting the metal’s high price (close to $3,200 per ounce at press time) makes it “an uphill climb” for some buyers.
Colored gemstones were the one bright spot for the Indian trade in April.
GJEPC data shows that gross exports of colored gemstones grew 12 percent year-over-year in April to $27.8 million, with Shah described colored gemstones as a “niche” product is largely unaffected by the factors impacting other sectors of the jewelry market.
Looking ahead, he said he expects trading to gain momentum after the U.S. and China reached a deal over the weekend that significantly lowers tariffs for 90 days.
More on Sourcing
The Latest
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
