35% Slump for India's Polished Exports
June 29, 25
(IDEX Online) - India suffered a slump in its monthly polished exports of 35.5 per cent in May, according to the latest figures from the Gem and Jewellery Export Promotion Council (GJEPC).
Diamonds fared far worse than the overall gem and jewelry sector, which saw exports fall by 15.8 per cent during the same period (down to $2.26bn).
The US and China, which together account for a significant share of India's polished diamond sales, are both experiencing economic slowdowns and reduced consumer spending, directly impacting demand for diamonds more severely than for other gemstones or jewelry. There is also anxiety about US tariff policies.
The decline in polished diamond exports, down from $1.47bn to $950m, is one of the biggest of the current slowdown.
Rough imports have dipped but by a relatively modest by 5.46 per cent by value and about 1.8 per cent by volume for April to May 2025.
The industry often maintains inventory of rough stones to ensure continuous production, even during downturns. This buffer helps factories stay operational and meet future demand when markets recover.
In addition, some manufacturers may take advantage of lower rough prices to stock up, anticipating future price rebounds or improved demand.
Lab grown exports also declined sharply in May, down 32.8 per cent to $80.9m.