The Gem and Jewellery Export Promotion Council on Wednesday said that the sector's exports in February had declined by a massive 23.49% to Rs 21,085.03 crore. This was on account of a continued dip in demand in the US and China.
In comparison, during the same month last year, Indian exporters had shipped gems and jewellery valued at Rs 26,268.6 crore, according to the GJEPC data.
At Rs 11,860.71 crore, the exports of cut and polished diamonds in February witnessed a decline of 20.2% against Rs 14,164.1 crore for the same period in the previous year, the data showed.
In the case of gold jewellery, total exports witnessed an 18.09% decline during the period to Rs 6,549.46 crore. In comparison, in February 2024, the figure stood at Rs 7,624.37 crore.
Meanwhile, exports of polished lab-grown diamonds in February 2025 dipped by 19.58% to Rs 975.22 crore against Rs 1,155.79 crore in the same period of the previous year.
For the period between April 2024 and February 2025, exports of gems and jewellery witnessed a dip of 13.43% at Rs 2,17,148.26 crore compared to Rs 2,46,105.96 crore for the same period previous year.
This decline in gems and jewellery exports "is mainly due to the continuous dip in demand in China as well as the US", according to GJEPC Chairman Kirit Bhansali.
He pointed to the ongoing geopolitical tensions also impacting the demand in key export markets like the US, China and the G7 nations.
"Also, the correction in rough diamond prices by 10-15% impacted the value causing the overall decline in exports," the recently elected GJEPC Chairman told PTI.
—With PTI inputs
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