India Gems, Jewelry Exports Hit 5-Year Low As U.S. Tariffs Bite

India-West News Desk

MUMBAI  – India’s gems and jewelry exports fell to their lowest level in five years in fiscal 2025-26 after a steep drop in shipments to the United States, the industry’s biggest overseas market.

Total exports declined 3.3% to $27.72 billion for the year ended March 31, compared with $28.7 billion in the previous fiscal year, according to the Gem and Jewelry Export Promotion Council (GJEPC).

Exports to the United States dropped 45% to $5.09 billion after Washington introduced reciprocal tariffs and later imposed an additional 25% duty on Indian goods.

The downturn also hit India’s diamond trade. Cut and polished diamond exports fell 8.5% to $12.16 billion, the weakest level in more than 20 years.

India remains the world’s largest diamond processing center, handling nearly 90% of diamonds processed globally.

While demand from the U.S. weakened, shipments to the United Arab Emirates, Hong Kong, Australia and Canada posted strong growth, GJEPC said. (With Reuters inputs)