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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
