India’s gem and jewellery exports declined in January, reflecting continued pressure from global tariff uncertainties and subdued demand in key markets.
According to data released by the Gem & Jewellery Export Promotion Council (GJEPC), exports during the month fell 5.79 per cent year-on-year to $2.24 billion, compared to the same period last year. The dip comes amid cautious buying trends in major markets such as the United States and parts of Europe, where trade policy uncertainties and inventory corrections have impacted fresh orders.
Industry stakeholders noted that higher import duties in select markets, coupled with geopolitical tensions and currency volatility, have weighed on export momentum. The US — India’s largest export destination for gems and jewellery — has seen slower retail offtake, prompting buyers to delay or stagger orders.
Segments such as cut and polished diamonds reported softer performance, while gold jewellery exports remained relatively stable but lacked strong growth momentum. Exporters also cited elevated gold prices and tight liquidity conditions as additional challenges during the month.
Despite the January slowdown, GJEPC maintained that long-term demand fundamentals remain intact. The council highlighted ongoing efforts to diversify export destinations, strengthen trade agreements, and promote Indian jewellery in emerging markets.
Industry participants expect gradual improvement in the coming quarters as global demand stabilises and inventory levels in key markets normalise. However, near-term volatility linked to tariff developments and macroeconomic conditions may continue to influence shipment trends.