Indian gems and jewellery exports are demonstrating early signs of resilience despite nearly 50% US tariffs imposed in August. November 2025 data shows exports in this sector rose nearly 20% year-on-year to $2.5 billion. While the US market remains sluggish, demand has picked up in other destination centers like Hong Kong, China, and the Middle East.
Diversification is playing a key role in offsetting the slowdown in US orders. This pattern mirrors the strategy recently used by the Indian seafood sector, which expanded into Australia and the EU to blunt the impact of US tariffs. Industry leaders also noted a surge in gold-studded jewellery exports, suggesting a shift toward value-added manufacturing.
Despite the positive monthly growth in November, overall exports for the April-November period remained largely flat at $18.86 billion. Experts caution that a single month’s performance does not confirm long-term immunity from tariff shocks. However, this relative resilience may strengthen India’s hand in ongoing trade negotiations with the US.