-- India's overall gross exports of gems and jewelry declined sharply by 35.2% in March to $1.78 billion from $27.5 billion a year ago, amid the heightened geopolitical tensions, the Gem and Jewellery Export Promotion Council (GJEPC) said in a recent statement.
The overall gross imports of gems and jewelry in the reported month, however, rose 16.7% year-on-year to $2.31 billion from $1.98 billion.
For the full fiscal year ended March 31, the country's gems and jewelry exports declined 3.3% to $27.7 billion from $28.7 billion a year ago. Meanwhile, the gross imports of gems and jewelry grew 17% to $22.8 billion from $19.5 billion a year earlier.
Exports to the US slipped 45% from a year earlier to $5.09 billion from $9.24 billion a year ago, dragged by the disruption of exports for a number of months after the US imposed reciprocal tariffs and later added a further 25% duty on Indian goods.