Trade data from the Gem & Jewellery Export Promotion Council (GJEPC) shows that India’s gems and jewellery sector recorded a sharp contraction in October 2025.
Gross exports fell 30.57% year-on-year to $ 2.17 billion, while imports dropped 19.2% to $ 1.27 billion. The decline reflected softer demand in key markets such as the US, Europe and China, slower global economic conditions, and the impact of recent US tariffs on Indian jewellery.
Currency movements and higher gold and diamond prices also affected volumes.
For the current financial year so far, imports have shown mixed trends. In first half of FY26 (April–September 2025), India’s total gross imports—including raw materials and finished products—stood at $ 10,590 million, an increase of 6.74% from $ 9,921 million in H1 FY2024-25 in first half of FY25.
Imports of finished jewellery fell sharply. Finished gold, silver, platinum and other jewellery imports together declined 26.16%, totalling $ 1,134 million in first half of FY26, compared with $ 1,536 million a year earlier
Among raw materials, gold and silver bars saw substantial increases. Gold bar imports rose 87.76% to $ 2,493 million, and silver bar imports more than doubled to $ 83.66 million in first half of FY26. Imports of finished gold jewellery fell 51.60% to $ 358.31 million, while finished silver jewellery imports rose to $ 85.66 million.
Industrry executives expect the upcoming domestic wedding season and the holiday period in Western markets to support orders in the coming months.