India's Gem and Jewellery Exports Stable Despite 44% Decline in US Shipments

India's gem and jewellery exports remained nearly stable at USD 20.75 billion during April-December 2025, despite a sharp 44.42% year-on-year decline to USD 3.86 billion in shipments to the US, its largest market. The drop is attributed to tariff pressures and subdued demand. Growth in jewellery exports, especially gold, silver, and platinum, along with increased shipments to the UAE, Hong Kong, and Australia supported overall stability. Industry leaders express concern over US market uncertainties but remain hopeful for trade resolution.