Mumbai: India’s gems and jewellery exports declined 35.23 per cent to $27,717.40 million (Rs 2,44,827.26 crore) in March this year, mainly impacted by the West Asia conflict, apex industry body GJEPC said on Tuesday.
The total gems and jewellery exports in March 2025 were $28,669.53 million (Rs 2,42,559.39 crores), according to the Gem and Jewellery Export Promotion Council (GJEPC) data.
“The Middle East conflict impacted gems and jewellery exports in March as logistics were affected. Even the diamond export parcels couldn’t get through. Due to a high-risk situation, the insurance premiums skyrocketed, further impacting the shipments,” GJEPC chairman Kirit Bhansali said.
However, Bhansali said that with policy support, this conflict can become an opportunity for India by turning the country into a rough diamond trading hub.
“Companies in the UAE are showing keen interest in setting up rough diamond trading in India. I think, with the government support, we can turn India into a trading hub as we are already a hub in polishing,” said Bhansali.
Since 2020, the United Arab Emirates has become a rough diamond trading hub due to its accessibility to India.
Meanwhile, the overall exports of gems and jewellery in 2025-26 dipped marginally by 3.32 per cent to $27,717.40 million (Rs 2,44,827.26 crore) compared to $28,669.53 million (Rs 2,42,559.39 crore) in FY25.
Bhansali said the impact of the US imposing tariffs was offset as GJEPC explored other markets.
“Despite weaker demand in the US following tariff imposition, and in China due to economic pressures, stronger demand from markets, such as the Gulf Cooperation Council (GCC), the UK and the EU helped offset the impact,” he added. Bhansali said that in another 2-3 months, the council expects the geopolitical tensions to settle down.
“Once the geopolitical tensions settle down, the gems and jewellery exports will increase. However, we will continue to explore new export markets,” he added.
Meanwhile, according to data, the overall export of cut and polished diamonds (CPD) showed a decline of 27.48 per cent in March to $838.75 million (Rs 7,798.82 crores) compared to $1,156.60 million (Rs 10,002.52 crores) for the same period of the previous year.
The overall exports of CPD dipped by 8.52 per cent to $12,159.83 million (Rs 1,07,461.34 crore) in FY26 compared to $13,292.43 million (Rs 1,12,414.32 crore) in 2024-25.
According to GJEPC provisional data, the export of total gold jewellery in 2025-26 was flat at $11,364.32 million (Rs 1,00,277.64 crore) over $11,367.42 million (Rs 96,254.5 crores) in the previous year.
However, silver jewellery exports in FY26 grew by 52.21 per cent to $1,467.47 million (Rs 13,013.54 crores) against $964.10 million (Rs 8,135.78 crores) in the previous year.