Gold Glimmers Amid Gloom: SEBI RA Flags Winners And Losers As India’s Jewellery Exports Slide 14% In June

India’s gems and jewellery exports witnessed a notable decline in June 2025 amid high gold prices, global uncertainty, and subdued domestic demand.

SEBI-registered analyst Harika Enjamuri noted that exports declined 14.25% year-over-year to $1.63 billion (₹13,978.98 crore), with sharp decreases in the cut and polished diamonds and lab-grown segments.

Cut and polished diamond exports fell 23.49% to $778.78 million, while lab-grown diamond exports dropped nearly 25% to $66.67 million. 

Enjamuri said that increased competition from China and price pressure contributed to the decline in lab-grown exports.

On the brighter side, gold jewellery exports edged up 5.75% to $630.33 million, while platinum jewellery shipments rose 13.56% to $45.67 million, thanks to steady demand from key markets like the Middle East, US, Japan, and China.

Meanwhile, imports slipped 2.96% year-on-year to $1.55 billion, as traders played it safe amid ongoing global uncertainties and geopolitical tensions.

Enjamuri said sentiment could improve in the coming months, with the festive and wedding season expected to drive domestic gold demand.

She flagged the following stocks as potentially impacted:

Losers

Vaibhav Global, Renaissance Global, and Asian Star Company, due to their exposure to US jewelry exports, especially in the diamond and lab-grown segments.

Kalyan Jewellers may see near-term margin pressure if high gold prices deter value-conscious customers.

Winners

Titan, supported by a possible festive demand rebound, premium offerings, and wedding-focused collections.

Rajesh Exports, on the back of higher gold jewellery exports and demand from the Middle East.

Senco Gold, aided by domestic demand and retail expansion.

Gold loan players Muthoot Finance and Manappuram Finance, as gold continues to be a preferred asset in uncertain times.

Gold prices in India fell on Wednesday, with the rate of 24-carat gold down ₹490 to ₹99,280 per 10 grams.

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