Key points
- In the midway of the second paragraph this Gems and Jewelry News report explains how exporters had anticipated a drop as buyers advanced their orders before the US tariff rollout, leading to weakened demand by October.
- That adaptability is likely to shape how strongly India regains its exporting strength in the coming months, and early indicators suggest that global holiday demand may offer the first signs of relief.
- India’s gems and jewellery sector recorded a sharp downturn in October, with exports falling to USD 2.
Gems and Jewelry News: A Steep October Decline Raises Industry Concerns
India’s gems and jewellery sector recorded a sharp downturn in October, with exports falling to USD 2.17 billion, marking a significant 31 percent decline compared to the same month last year. Industry data from the Gems and Jewellery Export Promotion Council shows that tightened global demand, tariff anxieties and fluctuating bullion prices heavily shaped the market’s direction. In the midway of the second paragraph this Gems and Jewelry News report explains how exporters had anticipated a drop as buyers advanced their orders before the US tariff rollout, leading to weakened demand by October.
India’s October jewellery export slump highlights global demand challenges and shifting market dynamics
Image Credit: StockShots
Why the Sector Lost Momentum
Much of the market slowdown was triggered by heavy advance purchasing earlier in the year. With US tariff implementation looming, major festive-season stocking by international buyers had already been completed before late August. As a result, the usual October rush simply did not materialize. According to GJEPC chairman Kirit Bhansali, volatility in gold and silver prices further discouraged overseas buyers, compressing margins and complicating order planning for many manufacturers and traders.
Diamonds Gold and Gemstones Feel the Pressure
Cut and polished diamonds saw a 26.97 percent dip, sliding from USD 1.40 billion to just over USD 1.02 billion. Lab-grown polished diamonds also struggled, dropping nearly 35 percent as global inventories stayed high and consumers in key markets tightened their discretionary spending. Gold jewellery exports were similarly affected, falling by 28.4 percent compared with the previous year as unstable bullion prices created hesitation among retailers. Even coloured gemstones, usually steadier performers, reflected a marginal seven-month decline of just over 3 percent, underscoring how broad the slowdown has become. Silver jewellery shipments also weakened by 16 percent, adding to the sector’s cumulative pressure.
A Glimmer of Optimism Ahead
Industry leaders remain hopeful that November and December will see a rebound. China’s slow but steady retail recovery, combined with Christmas-season buying from Europe and North America, is expected to inject new momentum. Traders say that stabilizing commodity prices and clearer tariff expectations could help revive confidence, although the pace of that recovery may differ across product categories. Many exporters believe that the sector’s resilience comes from its ability to recalibrate rapidly, diversify markets and shift manufacturing strategies when needed. That adaptability is likely to shape how strongly India regains its exporting strength in the coming months, and early indicators suggest that global holiday demand may offer the first signs of relief.
For the latest Gems and Jewelry News, keep on logging to Bangkok Gems News
