Gems and Jewellery Exports Down By 40 pc In A Decade: Vipul Shah

Why did exports decline 3% to $27 billion in FY26? It all started with the U.S. imposing tariffs, which became a major hurdle for exports going to that market. A large portion of the gems and jewellery basket—over 40–50%—is made up of loose diamond exports, so this segment was severely impacted. That was the primary reason behind the slowdown. A trade treaty with the U.S. was expected, and once that is in place, there is confidence that business in the U.S. market will return to normal. The second major issue was geopolitical tensions involving Iran, Israel and the U.S., which…