In April 2023, India's gems and jewellery exports experienced a notable decline of 9.07%, totaling $2,226.45 million (approximately ₹20,825.01 crore). This downturn is attributed to the ongoing conflict in West Asia, which has disrupted global trade, and uncertainty surrounding tariffs in the US, a key market for Indian exports. The Gem & Jewellery Export Promotion Council (GJEPC) reported that 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, gold jewellery exports saw a significant drop of 21.77%, reaching $841.54 million. The export of plain gold jewellery was particularly hard hit, plummeting by 47.06% to $341.08 million. Conversely, the export of studded gold jewellery showed resilience, increasing by 16.02% to $500.46 million. Notably, silver jewellery exports surged by 444%, totaling $268.38 million in April, compared to just $49.33 million in the same month last year, indicating a shift in consumer preferences.