Slight Slip for India's Polished Exports
February 19, 26
(IDEX Online) - India's polished diamond exports dipped by 3.6 per cent year-on-year in January, following on from modest growth (+2.7 per cent) in December 2025, and a 38 per cent surge in November.
The slight dip in January reflects the usual post-holiday pause in demand from US retailers, but that is set against an overall trend towards increased exports.
Total foreign sales for January were $979m, according to the latest figures from GJEPC (India's Gem and Jewellery Export Promotion Council), down from $1.01bn in January 2025.
The impact of President Trump's 50 per cent tariff on Indian exports appears to have been softened somewhat by manufacturers switching to other markets - notably UAE, Hong Kong, Thailand and Europe.
In addition, exporters have benefitted from far fewer return consignments (down from as high as 30 per cent to just 10 per cent), reflecting smarter supply chain tactics.
And an easing of US tariffs is likely to improve matters. On 6 February the US scrapped the 25 per cent punitive element of tariffs on India, with immediate effect.
It also pledged to bring down the reciprocal tariff to 18 per cent, as part of an Interim Trade Agreement, though this has yet to happen.
The GJEPC figures show that India's gross exports of gems and jewelry fell by 5.8 per cent in January, down to $2.2bn.