India's gems and jewellery exports experienced a significant decline of 9.07% in April 2023, totaling ₹20,825 crore (approximately $2,226.45 million). This downturn is attributed to the ongoing conflict in West Asia, which has disrupted global trade, alongside uncertainty regarding tariffs affecting exports to the United States, a key market for the sector. According to the Gem & Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds fell by 19.65%, amounting to $890.91 million, compared to $1,108.74 million in April 2022. Additionally, polished lab-grown diamond exports decreased by 15.53% to $93.28 million. Gold jewellery exports also faced challenges, dropping by 21.77% to $841.54 million, while plain gold jewellery exports saw a drastic decline of 47.06% to $341.08 million. Conversely, the export of studded gold jewellery rose by 16.02% to $500.46 million. Notably, silver jewellery exports surged by 444% to $268.38 million compared to the previous year, indicating a shift in market dynamics.