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DIAMOND EXPORTS PLUNGE 17% IN FY25 AMID GLOBAL HEADWINDS
(ICE) – ROMA, 15 APR – India’s exports of cut and polished diamonds dropped by 16.75% year on year to $13.29 billion in FY25 — the lowest level since the post-pandemic surge in FY22.
Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), attributed the sharp decline to geopolitical tensions, a slowing US economy, and a complete halt in diamond purchases from China, traditionally the second-largest buyer after the US.
India plays a dominant role in the global diamond supply chain, with nine out of 10 natural diamonds cut and polished in the country, mostly in Surat.
The overall gems and jewellery exports in FY25 fell by 11.72% to $28.5 billion, down from $32.28 billion in FY24, according to GJEPC.
This marks a significant drop from the post-pandemic surge in FY22, when exports peaked at $39.57 billion, driven by revenge buying across the globe.
The year 2024-25 has been particularly challenging for the industry as the Russia-Ukraine and Israel-Hamas wars, and the US slowdown impacted gem and jewellery exports. Also, China completely withdrew from purchasing diamonds due to consumer concern over their resale value.
Gold jewellery exports were the most resilient, registering a marginal decline of just 0.11% to $11.21 billion, GJEPC said.
The export slump has also led to a 24.27% decline in rough diamond imports, which fell to $10.8 billion in FY25 from $14.26 billion the previous year.
Bhansali said GJEPC is waiting for the outcome of India’s ongoing tariff negotiations with the US before issuing its outlook for gem and jewellery exports in FY26.
The industry on Monday formally presented its key demands for the proposed India-US Bilateral Trade Agreement (BTA) to the government at a meeting with Shaktikanta Das, principal secretary to the prime minister.
“We urged that import duty on jewellery in US should remain within 10%, which is currently 6% and import duty in US for cut and polished diamonds should continue to remain nil as it is a raw material for use in jewellery manufacturing, which also happens in US,” Bhansali said.
The US government should include it in the Annexure II of goods, which are waived from its reciprocal tariffs, he added.
To address the broader trade imbalance, GJEPC proposed extending to the US the same reciprocal concessions on gold and silver bullion imports that India has offered to the UAE under the Comprehensive Economic Partnership Agreement (CEPA).
The council also urged the government to fast-track duty relief for the gem and jewellery sector under the Early Harvest component of the BTA. With only a three-month grace period before the US imposes a 26% reciprocal tariff on India-made goods, the industry fears a potential standstill if swift action is not taken.
Exports of gem and jewellery
FY20 – $35.59 billion
FY21 – $25.51 billion
FY22 – $39.51 billion
FY23 – $37.74billion
FY24 – $32.29 billion
FY25 – $28.5 billion
Read more at:
https://economictimes.indiatimes.com//news/economy/foreign-trade/diamond-exports-plunge-17-in-fy25-amid-global-headwinds/articleshow/120287265.cms
(ICE MUMBAI)
CHINESE LAB-GROWN DIAMONDS SHINE AT LONDON WEDDING SHOW
(ICE) – ROMA, 15 APR – China leads lab-grown diamond boom with 70% global output as market hits $27.2B in 2023. (ICE PECHINO)
PM CALLS FOR TOURISM BOOST TO DRIVE ECONOMIC GROWTH
(ICE) – ROMA, 11 APR – HÀ NỘI — Prime Minister Phạm Minh Chính has called for urgent and sweeping measures to boost the development of Việt Nam’s tourism sector, positioning it as a key engine of growth as the country targets double-digit economic expansion.
In an official dispatch signed on April 10, the Prime Minister stressed that tourism must take a leading role in driving post-pandemic recovery and broader socio-economic progress. The document highlights the Government’s consistent focus on transforming tourism into a spearhead economic sector, following the Politburo’s directive outlined in Resolution No. 08-NQ/TW.
Tourism figures from 2024 point to strong momentum, Việt Nam welcomed 17.6 million international visitors, a 39 per cent rise from the previous year. Domestic travel reached 110 million trips, up 1.6 per cent. Total revenue from tourism hit around VNĐ840 trillion, a 24 per cent year-on-year increase. The first quarter of 2025 continued the upward trend, with international arrivals surpassing six million – the highest quarterly figure ever recorded – up 29.6 per cent compared to the same period in 2024.
To build on this progress, the Government has set ambitious targets for 2025: attracting 22 to 23 million international tourists, serving 130 million domestic travellers and increasing total revenue from tourism by 12 to 13 per cent year-on-year. These targets are expected to generate positive spill-over effects across other sectors and help push national GDP growth rate to at least 8 per cent, laying the groundwork for achieving double-digit growth pace in the years ahead.
The Ministry of Culture, Sports and Tourism is also responsible for working with other ministries, sectors, and localities to launch coordinated tourism stimulus packages tied to specific services, products, and enterprises, with implementation due by the end of May.
Improving tourism products and experiences
The Government is calling for greater private sector investment in modernising tourism infrastructure. Strategic, environmentally responsible investors are encouraged to develop integrated tourism complexes, national tourist areas, large-scale entertainment and hospitality projects, as well as high-end shopping and leisure centres in key destinations.
The Culture, Sports and Tourism ministry has also been tasked with seeking opportunities to host major international events and strengthen Việt Nam’s role in the MICE sector (Meetings, Incentives, Conferences and Exhibitions).
Digital and green growth as long-term pillars
The Government aims to encourage sustainable investment that leads to the creation of eco-friendly tourism products aligned with global consumer trends. Tourism models supporting green growth – including eco-tourism, agricultural eco-tourism, community-based travel, cultural heritage exploration and wellness tourism – will be actively promoted.
The ministry is also working with the Ministry of Finance and the State Bank of Việt Nam to encourage widespread adoption of cashless payment systems in tourism services, supporting electronic payment through smart devices to reduce cash use and streamline spending.
Making destinations more accessible
Improving accessibility is another key focus of the directive. The Ministry of Culture, Sports and Tourism, together with the Ministry of Construction and relevant agencies, is expected to strengthen multimodal connectivity – air, rail, road, maritime and inland waterways – both within the country and beyond. The dispatch also calls for increased public-private investment to expand and upgrade airports, seaports and terminals in major tourist destinations.
Visa policy and international cooperation
The Ministries of Public Security, National Defence and Foreign Affairs have been tasked with working alongside the Ministry of Culture, Sports and Tourism to review and propose more open, flexible visa policies. These include potential short-term visa exemptions and simplified entry procedures for tourists travelling under stimulus programmes or cultural diplomacy initiatives. These proposals are due by the end of April. VNS (ICE HO CHI MINH CITY)
JCER: A FEBBRAIO IL PIL GIAPPONESE SALE DEL 3% GRAZIE ALLE ESPORTAZIONI
(ICE) – ROMA, 10 APR – Nel mese di febbraio, l’economia giapponese ha registrato un’espansione del 3% su base annua rispetto al mese precedente, a seguito della corsa di molte aziende ad esportare beni all’estero prima dell’entrata in vigore dei dazi statunitensi. E’ quanto e’ emerso da una stima pubblicata il 9 aprile dal Japan Center for Economic Research (JCER).
All’inizio di febbraio, il Presidente Donald Trump aveva annunciato l’imposizione di ulteriori dazi sulle importazioni di acciaio e alluminio a partire da marzo.
Nel mese di riferimento, le esportazioni giapponesi di beni e servizi sono cresciute del 7,5% rispetto a gennaio. L’export è aumentato del 15,2% verso gli Stati Uniti, del 18,8% verso la Cina e del 18,9% verso l’Unione Europea. L’import, invece, ha registrato un calo dello 0,8%.
I consumi privati, cresciuti dell’1,5% grazie all’incremento delle vendite di auto nuove, sono stati favoriti anche da un calo delle tariffe di elettricità e gas dovuto a un programma di sussidi governativi.
Gli investimenti delle imprese sono aumentati del 2,8% grazie alla crescita della domanda dall’estero di apparecchiature di produzione, tra le quali i macchinari per la realizzazione di chip. (ICE TOKYO)
CHINA EXPANDS INSTANT TAX REFUND NATIONWIDE FOR OVERSEAS TOURISTS
(ICE) – ROMA, 9 APR – China expands instant tax refund nationwide for overseas tourists to boost inbound travel and spending. (ICE PECHINO)
SINGAPORE JEWELLERS KEEP THEIR SHINE AMID GOLD’S RECORD RUN – EVEN AS MARGINS TH
(ICE) – ROMA, 8 APR – [SINGAPORE] Record-high gold prices may be squeezing margins and prompting caution among shoppers, but they have also burnished the yellow metal’s status as a safe-haven investment – a dynamic that is keeping jewellery retailers on their toes.
To sustain demand and protect margins in this high-price environment, jewellers are investing in manufacturing efficiency, launching entry-level products, and tightening supply-chain strategies.
Despite the mixed impact, Lee Hwa Jewellery’s flagship store in Ion Orchard continues to draw a steady stream of customers, according to parent company Aspial Lifestyle.
https://www.businesstimes.com.sg/companies-markets/singapore-jewellers-keep-their-shine-amid-golds-record-run-even-margins-thin? (ICE SINGAPORE)
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