Frontloading Ahead Tariffs Push G&J Exports Up by 16 PC in July
Polished lab grown diamonds exports grew 27.6 per cent and gold jewellery exports were up 16.39 per cent.
Chennai: Frontloading of stocks ahead of the reciprocal tariff deadline in August saw July exports of gems and jewellery grow 16 per cent. In recent times, gems and jewellery exports have recorded growth only during two months of the last fiscal.
The overall gross exports of gems and jewellery witnessed a spike of 15.98 per cent to $2178.24 million in July and overall gross imports grew 26.55 per cent to $1810.43 million, as per the data released by the Gems and Jewellery Export Promotion Council (GJEPC). Except for March 2025 and October 2024, exports have been down in all the months of last fiscal and the previous months of this fiscal.
This massive rise in July is due to the expedited trade activities during July as a preventive measure against tariff threats kicking in August 2025 onwards. A major part of the trade has already been concluded in July 2025 ahead of the festive season in India and the holiday season in the West, finds the industry.
Exports of cut and polished diamonds grew 17.76 per cent in July. This can be attributed to increased stocking by global buyers anticipating price fluctuations. However, imports of rough diamonds between April 2025 and July 2025 have shown a growth of just 1.48 per cent, which means the industry has not stocked up raw materials much for the coming months.
Polished lab grown diamonds exports grew 27.6 per cent and gold jewellery exports were up 16.39 per cent.
“The gems and jewellery exports are witnessing a dynamic shift, earlier due to the geo-political tensions and now the tariff complexities. The strong performance in July 2025 is a cautionary uptick ahead of a free-fall in cross-border business activities. While trade agreements have opened new avenues, challenges like high gold prices, economic uncertainties, and volatile metal markets continue,” said Colin Shah, MD, Kama Jewelry.
