New Delhi– India’s overall gross exports of gems and jewelry climbed 15.98% in July 2025 to $2.18 billion (₹18,756.28 crore), up from $1.88 billion (₹15,700 crore) in the same month last year, according to data released Wednesday by the Gems and Jewellery Export Promotion Council (GJEPC).
Imports also saw a sharp rise, with overall gross imports of gems and jewelry jumping 26.55% to $1.8 billion (₹15,587.73 crore) in July, compared to $1.43 billion (₹11,956.04 crore) a year earlier.
The surge was largely driven by accelerated trade activity in July as exporters moved to complete shipments ahead of U.S. tariff measures set to take effect in August 2025. The GJEPC noted that, with India’s festive season approaching—followed by the holiday season in Western markets—a significant portion of annual trade was wrapped up earlier than usual.
Beyond seasonal demand, the industry benefited from product diversification into lightweight, contemporary designs appealing to younger consumers worldwide, along with improved market access through trade pacts such as the India–UAE Comprehensive Economic Partnership Agreement (CEPA), the council said.
Exports of cut and polished diamonds totaled $1.07 billion (₹9,230.66 crore) in July, up 17.76% from $910.13 million (₹7,608.79 crore) in July 2024. The increase was fueled by global buyers stocking up in anticipation of price volatility, improved manufacturing efficiency, higher quality standards, and deeper penetration into emerging markets, according to the GJEPC.
Imports of cut and polished diamonds also climbed, rising 32.02% to $113.75 million (₹980.65 crore) in July from $86.16 million (₹720.13 crore) a year earlier, as manufacturers and traders bolstered inventories for the upcoming festive and wedding seasons.
From April to July 2025, gross imports of rough diamonds totaled $4.37 billion (₹37,475.56 crore), up 1.48% year-over-year (4.21% in rupee terms) compared with $4.3 billion (₹35,962.94 crore) in the same period last year. With tariff uncertainties and a weakening rupee, traders have been stockpiling rough diamonds for processing to meet both domestic and export demand, particularly in markets such as the UAE and the UK.
Colin Shah, Managing Director of Kama Jewellery, said: “Gems and jewelry exports are undergoing a dynamic shift—first impacted by geopolitical tensions and now by tariff complexities. July’s strong performance is a precautionary spike ahead of a potential slowdown in cross-border trade. While trade agreements have created new opportunities, challenges remain, including high gold prices, economic uncertainty, and volatile metal markets.”
Shah added, “It’s critical to closely watch the progress of India–U.S. trade talks, as these will shape future business flows. With the current 50% tariffs in place, sustaining this growth will be difficult. However, domestic demand for gold should strengthen as India’s festive and wedding season begins, offering some relief for the industry.”
