Gems & Jewellery Exports Slip 5% in December, FTAs Drive Growth in New Markets

India’s gems and jewellery exports declined 4.98% year-on-year in December 2025 to USD 1.88 billion, reflecting near-flat performance amid global uncertainties, according to the Gem and Jewellery Export Promotion Council (GJEPC). Exports for April–December 2025 remained largely stable at USD 20.75 billion, down just 0.41% from the previous year. Strong growth in gold, silver and platinum jewellery helped offset weakness in cut and polished diamonds and lab-grown diamonds, highlighting the sector’s shift toward value-added products.

Export diversification emerged as a key growth driver, supported by Free Trade Agreements (FTAs). Shipments to the UAE surged 28.08% to USD 6.89 billion, exports to Hong Kong rose 28.19% to USD 4.25 billion, and exports to Australia jumped 39.83% to USD 277.76 million. GJEPC said FTAs with the UAE and Australia have been timely, and upcoming agreements with the UK, Oman and New Zealand are expected to further boost competitiveness by lowering duties and easing trade barriers.

Within product categories, silver jewellery exports recorded a sharp 248.74% rise in December to USD 179.46 million, while gold jewellery exports fell 16.31% to USD 732.28 million. Looking ahead to Budget 2026, GJEPC has sought tax rationalisation, lower duties and simpler customs procedures to improve export efficiency, while also flagging concerns over tariff uncertainty in the US market. The council said a stable, export-friendly policy framework is essential for sustaining growth and strengthening India’s global position in the jewellery trade.

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