Diamond export in decline: Polished diamond exports drop to 35.49%
Updated: Jun 19th, 2025
India’s diamond industry is facing a sharp downturn as exports of cut and polished diamonds plunged by 35.49% in May 2025, while imports dropped by 38.76%, according to the latest data released by the Gem and Jewellery Export Promotion Council (GJEPC).
The decline comes amid a global impending recession and ongoing geopolitical conflicts like the Iran-Israel and Russia-Ukraine wars, and by the increased tariff barriers by the United States.
According to GJEPC, total gem and jewellery exports stood at ₹19,260.81 crore in May 2025, compared to ₹22,414.02 crore during the same period last year, a decline of 15.81%.
Imports fell 12.96% compared to 2024, registering ₹14,393.12 crore this May.
Export-Import Changes
| Commodity | Year 2024 | Year 2025 | Change (%) |
|---|---|---|---|
| Cut and Polished Diamonds | 12,202.03 | 8,089.81 | -34.75% |
| Polished Lab-Grown Diamonds | 1,003.06 | 689.71 | -31.26% |
| Gold Jewellery | 7,236.42 | 8,482.61 | +17.24% |
| Coloured Gemstones | 428.36 | 433.08 | +1.13% |
The biggest hit was observed in the cut and polished diamond, where exports fell from ₹14,472.08 crore in May 2024 to just ₹8,089.81 crore in May 2025. Imports in this category also saw a steep fall.
Meanwhile, lab-grown polished diamonds also saw a 32.76% drop in exports, amounting to ₹689.71 crore compared to ₹1,003.06 crore last year. Rough diamond imports declined by 5.46%, recording ₹19,311.73 crore.
In contrast, gold jewellery exports rose by 17.24%, touching ₹8,482.61 crore, reflecting a global trend of investors pivoting from diamonds to gold amid uncertain economic conditions. Coloured gemstone exports saw a marginal increase of 1.13%, totaling ₹533.08 crore.
Industry insiders say rising international tensions, import duties by the US, and a shift in consumer demand particularly in markets like China and the US toward gold have contributed to the downturn in diamond trade.
