The government has restricted imports of precious metal jewellery until April 30, Bloomberg reported, tightening entry of gold, silver and platinum jewellery at a time when the sector is facing weak global demand.

Trade data from the Gem & Jewellery Export Promotion Council (GJEPC) shows that India’s gems and jewellery sector recorded a sharp contraction in October 2025.

Gross exports fell 30.57% year-on-year to $ 2.17 billion, while imports dropped 19.2% to $ 1.27 billion. The decline reflected softer demand in key markets such as the US, Europe and China, slower global economic conditions, and the impact of recent US tariffs on Indian jewellery.

Currency movements and higher gold and diamond prices also affected volumes.

For the current financial year so far, imports have shown mixed

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