India’s Gems & Jewellery Exports Rises 3.1% To $2.14 Billion In September

India's gems and jewellery net exports rose 3.1% on year to $2.14 billion in September, while net imports jumped 10.8% on year to $1.7 billion, according to data from the Gem and Jewellery Export Promotion Council. The export of gems and jewellery on a gross basis gained 6.6% on year to $2.91 billion last month.

The country's net gems and jewellery exports in Apr-Sep was up 7% from a year ago to $11.64 billion, while gross exports rose to $14.1 billion from $13.6 billion a year ago. India's net gems and jewellery imports in Apr-Sep grow 6.7% on year to $10.6 billion, the data showed.

The country ranked eight with a share of 3.2% in global gems and jewellery export market in 2024. World gems and jewellery exports was valued at $945.24 billion last year, up $923.48 billion in 2023.

India exported 1.72 million carats of cut and polished diamonds in September, up from 1.53 million carats a year ago. Exports of cut and polished diamonds in Apr-Sep were 8.03 million carats, down from 8.48 million carats in the same period last year.

The country's import of rough diamonds in September dropped to 8.2 million carats from 8.8 million carats a year ago. Imports of rough diamonds in Apr-Sep eased to 51.9 million carats from 52.03 million carats a year ago, the data showed.

According to Rapaport, diamond prices fell across categories during September. The US tariffs and the sale of De Beers perpetuated uncertainty in the market.

The RapNet Diamond Index (RAPI) for 1-carat goods, which tracks round, D to H, IF to VS2 diamonds fell 0.9% in September. The 0.30- and the 0.50-carat indices fell 6%. RAPI for 3 carats was flat.

Silver jewellery exports in September soared 20.4% on year to $157.62 million. Silver jewellery exports in Apr-Sep surged 17.4% to $596.41 million. Exports of plain gold jewellery fell 7.3% on year to $367.09 million last month, while studded gold jewellery rose 8.1% to $724.91 million.

India imported gold bars worth $347.03 million in September, up 15% from a year ago, the data showed. Imports of gold bars in Apr-Sep climbed 87.8% to $2.49 billion. The country imported $108.16 million of gold jewellery in September, up from $45.83 million a year ago, while imports of gold jewellery in Apr-Sep fell 51.6% to $358.31 million.