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Indian exports of cut and polished diamonds plunge to 20-year lows

Exports of cut and polished diamonds plunged to the lowest in about two decades in fiscal 2025 on sluggish demand from the US and China, industry lobby GJEPC said

Indian exports of cut and polished diamonds plunge to 20-year lows
[Source photo: Chetan Jha/Press Insider]
By PRESS Insider Staff 3-minute

Exports of cut and polished diamonds plunged to the lowest in about two decades in fiscal 2025, which ended in March, on sluggish demand from the US and China, industry lobby Gems and Jewelry Export Promotion Council (GJEPC) said on Monday.

Cut and polished diamond exports, which account for nearly half of gem and jewellery shipments, declined 16.8% to $13.3 billion year-on-year, GJEPC said in a statement.

India is the world’s largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally, with the US being its biggest market.

The decline inthe segment dragged down gem and jewellery exports by 11.7% to $28.5 billion from $32.28 billion the previous year. The lower demand for polished diamonds also prompted Indian processors to reduce imports of rough diamonds by 24.3% to $10.8 billion, the trade body said.

In March, gems and jewelry exports rose by 1% year-on-year to $2.56 billion as exporters ramped up shipments ahead of announced US tariffs, GJEPC said.

India’s gems and jewelry exports may not recover this year as the US tariffs have roiled global markets and shaken buyer confidence, a Reuters report said, citing an unidentified major Mumbai-based exporter.
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