Gems & jewellery exporters seek to cushion US tariff blow

INDIA'S GEMS AND JEW-ELLERY exporters are finding new avenues to sustain their businesses amidst the 50% additional tariff in the US, by exporting high-margin diamond-studded jewellery to the US and catering to a burgeoning domestic market.

- KRISHNA BAROT

They are also fast diversifying into new markets, besides consolidating presence in key non-US markets like the UAE, to stay afloat.

Trade data reveal that gems and jewellery exports to the US, conventionally a key destination, dropped by 40.3% to $2.77 billion from April to September 2025, while cut and polished diamond (CPD) exports to the country dropped 53.6% to $1.17 billion.

However, battling these headwinds, exporters report a growing demand for diamond-studded jewellery in the US. Alkesh Shah, vice chairman of Goldstar Jewellery, told FE. “Overall, diamond exports to the US have fallen by 13-16% for us. But studded diamond jewellery demand has increased by about 10%,which is being capitalised,” he added.