The Gem & Jewellery Export Promotion Council (GJEPC) has expressed confidence in a revival of diamond exports, despite a reported 10 per cent decline in the first nine months of the fiscal year. Meanwhile, gold jewellery exports have surged by 12 per cent, driven by soaring gold prices and steady global demand.

GJEPC Chairman Vipul Shah, speaking at the Silver Jubilee celebration of the Eastern Regional Office in Kolkata, noted that the US market—a key destination for Indian diamond exports—has shown encouraging signs of recovery. The Thanksgiving season saw a five per cent uptick in US demand, providing some relief to exporters. "With a new administration under Donald Trump, we anticipate renewed momentum in diamond exports and project a 10-15 per cent growth for FY 2025-26," Shah stated.

However, challenges persist. Between April and November 2024, exports of cut and polished diamonds plummeted by 18.8 per cent to USD 8,980.2 million compared to the same period in the previous fiscal year. A sluggish Chinese market remains a cause for concern, with demand failing to pick up as expected.

Shah also highlighted a strategic initiative to develop Singur, in West Bengal’s Hooghly district, into a global hub for fashion and costume jewellery. "Singur's rich artisanal heritage and skilled workforce make it an ideal location for an export-focused jewellery hub. With around one lakh Bengali ‘karigars’ engaged in the sector, including 20 per cent women, this initiative will provide a significant boost to the local cottage industry," he remarked.

The location’s logistical advantages, including proximity to five railway stations, NH-2, and Kolkata airport, further strengthen its potential as a manufacturing and export centre. Additionally, Singur houses key vendors supplying raw materials, including recently established gypsum manufacturing units catering to the jewellery industry.

In line with the evolving market trends, GJEPC has also ramped up efforts in promoting lab-grown diamonds, investing Rs 150 crore in global marketing campaigns to attract price-conscious consumers. Furthermore, the industry body has submitted pre-budget proposals advocating for an alignment of duty drawbacks on platinum, which is gaining traction as a valuable alternative to traditional precious metals.

As global trade dynamics shift, with the US reducing its dependence on Chinese suppliers, Indian jewellery manufacturers see a window of opportunity. "Singur’s manufacturers are well-positioned to cater to this growing demand, ensuring a stronger global footprint for Indian jewellery exports," Shah concluded.