India's gems and jewellery exports experienced a significant decline of 35.23%, totaling $27.7 billion (approximately ₹2,44,827.26 crore) in March 2025, largely due to the ongoing conflict in West Asia. The Gem and Jewellery Export Promotion Council (GJEPC) reported that logistical disruptions and soaring insurance costs hindered shipments, particularly affecting diamond exports. In March 2025, cut and polished diamond exports fell by 27.48% to $838.75 million (around ₹7,798.82 crore). Despite these setbacks, GJEPC chairman Kirit Bhansali expressed optimism about India's potential to become a rough diamond trading hub, especially with increasing interest from UAE companies. The council anticipates that geopolitical tensions will ease in the coming months, which could lead to a recovery in export figures. Notably, silver jewellery exports surged by 52.21% in FY26, contrasting with a slight overall decline of 3.32% in total gems and jewellery exports compared to the previous fiscal year.