India's gem & jewellery exports slip 2% to $2.05B in May as gold supply tightens
GJEPC data shows May exports down 2% YoY to $2.05B (₹19,574 cr), with plain gold jewellery collapsing 40% to $636M and gold jewellery overall down 15%. Lab-grown diamonds bucked the trend, rising 26% to $101M. Imports fell 16% as 15% duty and bank bottlenecks bite.
What happened
GJEPC · India's gem and jewellery exports fell 2% in May to $2.05 billion amid gold supply shortages, regulatory bottlenecks at banks, higher import duties and
Key facts
- $2.05 billion May exports
- -2% YoY
- ₹19,574 crore
- imports -16% to $1.41 billion
- cut/polished diamonds +3% $981M
- lab grown diamonds +26% $101M
- gold jewellery -15% $758M
- gold consumption -21% to 11 tonnes
- plain gold jewellery -40% to $636M
- gold duty 6% to 15%
Why this matters
Distressed mid-tier gold jewellery exporters squeezed by the 15% duty and bank credit tightening become attractive bolt-on targets for acquirers with diversified financing access.