India’s Polished Exports Fall Sharply in October

India’s cut and polished exports fell sharply in October to $1.026bn, down 27 per cent year-on-year and down 25 per cent on the previous month, according to new figures from GJEPC (Gems and Jewellery Export Promotion Council).

Exports peaked in September at $1.368bn, as manufacturers raced to beat US deadlines. They then fell back in October to around where they were in July and August.

The US imposed a 25 per cent tariff on 7 August, rising to 50 per cent on 27 August. The grace period (25 rather than 50 per cent) for goods in transit before August 27, ended on 17 September.

“The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented,” GJEPC chairman Kirit Bhansali told the PTI news agency.

“Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down.”

Overall gross exports of all gems and jewelry fell by 30.6 per cent year-on-year to $2.168bn, that’s a drop of 25.6 per cent compared with the previous month.

Source: DCLA

India’s Polished Exports Rise in Rush to Beat US Tariffs

India’s gross monthly exports of polished diamonds jumped 17.8 per cent in July, as manufacturers rushed to get their goods into the US before the 50 per cent tariffs took effect.

It was the first year-on-year increase since last October, when the markets showed some small signs of a possible recovery. Since then exports have declined every month.

Foreign sales were $1.07bn, according to the latest data from the Gems and Jewellery Export Promotion Council (GJEPC), following on from India suffered a 23 per cent dip in June, with total exports of $779m.

US tariffs on Indian exports were first announced in April, but didn’t take effect until August. The initial 25 per cent tariff was imposed on 7 August, prompting a rush to export, and an additional 25 per cent tariff – what President Donald Trump describes as a punishment for India buying Russian oil – comes in on 27 August. This could lead to another monthly increase in August, as manufacturers try to beat the next tariff deadline.

Meanwhile, imports of rough diamonds for April to July grew slightly, up 1.5 per cent to $4.37bn.

Overall gross exports of gems and jewelry also rose on tariff worries, up 17 per cent to $2.18bn.

Kirit Bhansali, GJEPC chairman, said: “The July export figures, a successful IIJS Premiere with strong order bookings, and the revival of the Hong Kong market are encouraging signs for our industry, especially amid global challenges such as the impact of US tariffs.”

Source: DCLA

Tanishq Offers “First” In-Store Diamond Evaluation

Indian jewelry retailer Tanishq is introducing in-store diamond evaluation some of its 500-plus outlets, as part of an ongoing partnership with de Beers.

Customers will be able to see proof that the diamond they’re buying is natural rather than lab grown, thanks to the De Beers SynthDetect machine, which works with loose and mounted stones.

They can also have diamonds tested with Lightscope, which measures light performance, and with other equipment for performance, inclusions, and laser markings.

Tanishq, part of the Titan group, says the launch of its Diamonds Expertise Centres is designed to give customers greater peace of mind by presenting complex gemological data as simple, visual insights. It says the centers are a “first of a kind initiative”.

The first three are in Bengaluru, but the company plans to expand them to 200 stores this year and eventually to all its outlets.

Ajoy Chawla, CEO at Tanishq, said: “Our aim is to set a new standard in natural diamond retail — one that goes beyond traditional display and transforms the buying journey into a transparent, educational, and truly immersive experience.”

Last August Tanishq and De Beers jointly announced that they’d be working together to promote natural diamonds in India, now the world’s second biggest diamond market.

The partnership leverages Tanishq’s retail presence and De Beers’ expertise and proprietary diamond verification technology.

Source: DCLA

Double Whammy: Trump Hikes India Tariff to 50%

US President Donald Trump today (6 August) doubled the tariff on all imports from India to 50 per cent, as a punishment for its oil purchases from Russia.

India’s diamond industry, already reeling from confirmation last week of a 25 per cent reciprocal tariff, is in shock that their goods will be subject to a second 25 per cent surcharge.

“I find that the Government of India is currently directly or indirectly importing Russian Federation oil,” Trump said in an executive order.

“Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent.”

The first 25 per cent tariff comes into force tomorrow (Thursday 7 August) and the new, punitive tariff is applicable three weeks from now, on 27 August.

The US is the single largest destination for Indian diamonds and gems, accounting for nearly $10bn or about 30 per cent of India’s annual gems and jewelry exports.

Industry leaders were already warning of the dire consequences of a 25 per cent tariff. Now they are facing an unprecedented body blow with the introduction of a 50 per cent double-tariff.

India’s Ministry of External Affairs said in a statement today that the tariffs were “unfair, unjustified and unreasonable”.

It defended its Russian oil purchases, saying they were “based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India”.

The US imposition of an extra tariff was, it said, “extremely unfortunate”.

Source: DCLA

Capacity Boost: Indian Company Buys 1,100 Lab Grown Machines

Greenlab, recognized as India’s largest lab-grown diamond producer, is set for a huge increase in capacity, after buying more than 1,100 new growing machines.

The company already has 1,600 machines, producing 2.9m carats of rough diamonds a year.

It has reportedly bought 105 high-tech growers from the Israeli firm Isrough and 1,000 more from India-based Bhanderi Lab Grown.

It said it chose Isrough’s machines for their ability to produce top-quality diamonds: D and E colors, with much of their output in the VVS clarity range.

Greenlab sells its polished diamonds through its US subsidiary, Labon, and has a distribution partnership with Florida-based Green Rocks.

India is the world’s second-largest lab-grown diamond producer with a 15 per cent market share, but trails a long way behind China, which produces about half of the world’s lab-grown diamonds.

Source: DCLA

Trump Imposes 25% Tariff, Plus “Penalty” on India Exports

India’s diamond industry today (30 July) had its worst fears confirmed as the US announced all imports would be subject to 25 per cent tariffs, effective as of Friday (1 August).

In addition it will face an unspecified extra penalty for buying military equipment, oil and other goods from Russia.

Lingering hopes of a last-minute deal to avoid the additional tariffs were crushed when President Donald Trump singled out India, the world’s biggest diamond manufacturer, for special mention on his Truth Social platform.

“While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” he wrote.

Kirit Bhansali, chairman of the India’s Gem and Jewelry Export Promotion Council (GJEPC) reacted to the news saying: “This is a deeply concerning development. The Indian gem and jewellery sector, in particular, stands to be severely impacted.

“The United States is our single largest market, accounting for over $10 billion in exports – nearly 30% of our industry’s total global trade.

“A blanket tariff of this magnitude will place immense pressure on every part of the value chain.”

Colin Shah, managing director of diamond jewelry manufacturer Kama Jewelry, reacted to today’s news, said: “With the US being one of the key export destinations, this will severely impact the sectors like gems and jewellery that are heavily dependent on exports.

“Going ahead, we expect trade activities to remain muted with U.S. However, we also need to wait and watch how the situation unfolds.”

Less than two weeks ago, Trump said the US and India were “very close” to reaching an interim agreement, but those talks stalled, primarily over agricultural and dairy goods.

And only days ago US Trade Representative Jamieson Greer told reporters: “We continue to speak with our Indian counterparts. We’ve always had very constructive discussions with them.”

Source: DCLA

Tariffs Turmoil: India Edging Towards Last-Minute US Deal

India today appeared to be edging towards a last-minute “mini trade deal” that could see the US back down on its proposed 27 per cent reciprocal tariffs.

President Donald Trump said earlier today on Tuesday said that the US was was “close to making a deal with India,” with just hours left before the deadline at 12.01am EST on Wednesday 9 July.

Such a deal would come as a huge relief for the country’s diamond industry, which has been largely paralyzed by three months of uncertainty since President Donald Trump made his “Liberation Day” speech on 2 April.

A deal between the two countries would be limited in scope, according to reports, but would likely cover diamonds.

It could include a partial rollback of reciprocal tariffs imposed by the US earlier this year, but the 10 per cent baseline tariff on most goods is expected to remain.

If no deal is reached, the tariffs will automatically take effect from 1 August.

So far only the UK and Vietnam have managed to reach a full deal – and China a partial deal – ahead of the 9 July deadline.

Source: DCLA

Surat Trade Show Moves to Smaller Venue

The Carats 2025 trade show is switching to a smaller venue amid the ongoing diamond industry downturn.

The three-day B2B event, organized by the Surat Diamond Association (SDA), will take place at Avadh Utopia lifestyle club and hotel, in Surat, rather than the 1.5m sq ft Surat International Exhibition and Convention Centre (SIECC) where it has been held previously.

Only 73 exhibitors have registered for the event, which opens on 11 July, according to Times of India, compared to 118 last year.

Organizers said the move was in response to participants’ preferences, rather than lower exhibitor numbers. Many diamond manufacturers expressed a preference for a venue with hotel facilities.

SDA says in an Instagram post that it’s expecting over 7,000 visitors and over 200 buyers. In 2024 it reported 10,000 visitors.

“This milestone attendance underscores the exhibition’s position as a leading platform for showcasing innovation and excellence in diamond industry,” said SDA Jagdishbhai Khunt at the time.

Source: DCLA

India’s Polished Diamonds Export Down 17%

India’s polished exports fell by almost 17 per cent in the fiscal year ending March 2025, to $13.29bn, according to the Gem and Jewellery Export Promotion Council (GJEPC).

That’s among the lowest annual export figures for two decades, although not, as widely reported, the lowest of all. The GJEPC figure for 2005 was $12.3bn, up from $10.3bn in 2004. By comparison 2023/4 foreign sales totaled $15.97m.

Overall gem and jewellery exports fell 11.7 per cent in 2024/5 to $28.5bn, the lowest figure in four years.

But there are signs of a recovery, with polished diamond exports for March showing a year-on-year decline of just 0.76 per cent to $1.16bn and gems and jewelry actually growing 1 per cent to $2.58bn.

“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US, India’s key export markets, due to the ongoing geopolitical tensions,” said GJEPC Chairman Kirit Bhansali.

“Also, the correction in rough diamond prices by 10-15 per cent impacted the value, causing the overall decline in exports.”

Source: DCLA

Bombshell: Trump’s 26% Tariffs on Indian Exports

India’s diamond industry is in shock today after the US imposed 26 per cent reciprocal tariffs on all its exports.

That’s almost double the 13.3 per cent predicted by India’s Global Trade Research Initiative before yesterday’s news (2 April).

Traders, manufacturers, exporters and others in India’s diamond industry are still struggling to process the scale of the announcement, made by President Donald Trump in what he called his Liberation Day speech, outlining tariffs that would boost domestic industry and “make America wealthy again”.

He said US tariffs would be roughly half those charged by each of its trade partners. India charges the US 52 per cent, he said, a figure that includes currency manipulation.

“The [gems and jewellery] trade is expected to come at a standstill as US importers will assess whether to place orders with Indian jewellery exporters,” said Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council, reacting to the news.

“The tariff is higher than expected,” Colin Shah, managing director of Kama Jewelry. “It is quite severe and will affect exports.”

The US represents over 30 per cent of all India’s gem and jewelry exports, worth $10bn a year. Exports of loose diamonds to the US which currently attract no import duty – and gold jewelry, which is charged at 5.5 per cent to 7 per cent. The US has a trade deficit of $46bn with India.

Trump announced a raft of tariffs on trade partners around the world, claiming the US had been losing out for decades.

“They (India) are charging us 52 per cent and we charge almost nothing for years and years and decades,” said Trump during his announcement.

For decades, the president said, the US “has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike”.

The White House said India imposed “uniquely burdensome” non-tariff barriers. Removing them would increase US exports by at least $5.3bn annually.

The US announced a baseline tariff of 10 per cent on all countries (except Canada and Mexico), to be implemented on 5 April. Additional tariffs (as high as 49 per cent for Cambodia) will be introduced on 9 April for targeted countries.

Source: DCLA

China’s Diamond Market Rebound Sparks Optimism for Indian Exports

The Chinese diamond market, second only to the US, is showing early signs of recovery, sparking optimism in India’s diamond industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), this shift could reshape the global diamond manufacturing landscape.

China’s economic slowdown and declining marriage rates had severely impacted its diamond market, valued at approximately USD 9 billion. In 2023, diamond sales in China generated around USD 5.7 billion, but analysts project growth to USD 7.2 billion by 2030. Over the past two years, demand has dropped by as much as 50%, with wholesale diamond prices falling 40%. This downturn significantly affected India, which exports nearly a third of its cut and polished diamonds to China.

The impact was evident in India’s February 2024 gems and jewellery exports, which declined by 23.49% to USD 2.42 billion (Rs 21,085 crore), driven by weak demand from both the US and China. To counter this, GJEPC participated in the Hong Kong International Diamond, Gem & Pearl Show (DGP) earlier this month, showcasing 71 exhibitors across 116 booths in categories such as Loose Diamonds, Lab-Grown Diamonds, and Fine Jewellery.

Hong Kong, a key hub for India’s diamond trade, played a vital role in strengthening global ties. GJEPC Chairman Kirit Bhansali noted that stabilising prices and renewed Chinese demand are promising signs for the global diamond industry. He emphasized that India’s strong manufacturing capabilities and adaptability put it in a favorable position for long-term growth.

After a prolonged slump, buyers are now accepting current price levels, leading to steadier sales. GJEPC Vice Chairman Shaunak Parikh believes this renewed demand could shift India’s diamond manufacturing back towards natural diamonds. Industry insights indicate a resurgence, particularly in smaller diamonds, though a full-scale revival is still some way off.

According to Ajesh Mehta, Convener of the Diamond Panel at GJEPC, this year’s Hong Kong trade shows marked the first positive development in four to five years. While Chinese demand hasn’t returned to previous highs, price stabilisation and increased movement in smaller diamonds are encouraging. “Confidence is slowly returning, especially in diamonds below 10 points and dossier sizes,” Mehta said.

A shift in Chinese consumer preferences is also influencing the market. Retailers are now incorporating smaller diamond accents in gold jewellery instead of featuring diamonds as centrepieces. However, Mehta believes this trend is temporary, predicting a gradual return of confidence in larger stones, such as 30 to 50 points.

Beyond China, emerging markets like Cambodia, Vietnam, Brazil, and Venezuela are showing growing interest in larger stones. While they cannot replace China’s dominance, they are contributing to new demand pockets.

Devansh Shah, Partner at Venus Jewel, observed an increase in inquiries at the Hong Kong trade shows from diverse markets, including Europe, Australia, the US, and the UAE. He noted that Chinese and Far East buyers remain highly quality-conscious, with round brilliant diamonds attracting strong interest, while larger fancy cuts and 3-carat-plus rounds were available on an order-only basis.

Although the Chinese market’s resurgence remains gradual, it presents growth opportunities for India’s diamond cutting, polishing, and export sectors. With strategic planning and market adaptability, India is well-positioned to navigate this evolving landscape and sustain long-term industry growth.

Source: DCLA

De Beers Adapts to India’s Growing Demand for Lab-Grown Diamonds

De Beers, long associated with the glamour of natural diamonds, is now grappling with a fading shine. The rise of lab-grown diamonds, which have gained popularity among millennial and Gen Z consumers in India and worldwide from the US to China poses a significant challenge.

Lab-grown diamonds offer several advantages: they are 60-75% more affordable than natural diamonds, and as mass production increases, prices continue to drop. Moreover, they share the same chemical composition as natural diamonds and are visually indistinguishable to the naked eye.

Source: DCLA

Indian Govt. Advocates for Direct Diamond Trade at Mining Indaba 2025

A high-profile Indian delegation led by Shri R. Arulanandan, Director, Department of Commerce, Government of India actively participated in the “Opportunities in India” event, hosted by the Consulate General of India in Cape Town and the Government of India. The event was held on the sidelines of the prestigious Mining Indaba 2025.

The delegation, which included Shri Rajat Wani, Regional Director – Surat, GJEPC, highlighted the potential of Special Notified Zones (SNZs) for diamonds in Mumbai and Surat, focusing on their role in simplifying trade processes. Stressing the need to reduce the number of intermediaries in the diamond value chain, they underscored the importance of facilitating more direct trade of rough diamonds between India and African mining nations.

Direct auctioning of diamonds in SNZs was presented as a mutually beneficial strategy. Such a framework would enable African mining countries to secure higher returns on their diamond exports while allowing Indian buyers greater access to competitively priced rough diamonds.

The discussions also explored the necessity of consignment exports, a move that could align with African nations’ policies, such as “temporary export” mechanisms. The Indian delegation expressed optimism about overcoming logistical and regulatory challenges, ensuring a streamlined process that benefits all stakeholders.

Source: DCLA

De Beers sees India as a bright spot, notes early recovery signs in US

India has been emerging as a bright spot for the cut and polished diamonds amidst a slowdown in key markets such as the US and China, Amit Pratihari, managing director, De Beers India told Reuters on Wednesday.

India is the world’s largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally, according to Indian government data.

However, the country’s cut and polished diamond exports fell this year because of weak demand from China and the US, forcing the industry to focus on the growing domestic market that surpassed China last year to become the world’s second-largest.

“China has completely slowed down in the luxury segment … We see India growing very strongly,” Pratihari said in an interview.

De Beers, a unit of Anglo American, is the world’s top diamond producer by value and India’s number one supplier of rough diamonds.

However, there were some early signs of recovery in the US and “big growth” in the Middle East, Pratihari said.

“In next couple of months, we expect recovery,” he said.

Weak exports demand for polished diamonds forced Indian processors to trim imports of rough diamonds by 22% to $7.9 billion during April to December, according to India’s Gem and Jewellery Export Promotion Council (GJEPC).

De Beers is adjusting prices of rough diamonds to support the midstream industry – companies that buy rough diamonds from miners and sell them after cutting and polishing to retailers – in the face of polished diamond prices falling more than those of rough diamonds, he said.

“Miners are controlling the supply so more rough does not come into the market that would put additional pressure on the polished prices. But the pressure on polished prices is in midstream as in retail there is no change,” he said.

India’s cut and polished diamond exports fell by 8.3% to $9.76 billion in April-December compared with the 2023 period, according to GJEPC.

Source: DCLA

Trump Diamond – a Lab Grown Gift from India to US

A diamond manufacturer in India has created a lab grown replica of Donald Trump, as a symbol of the country’s strong ties with the US.

The 4.30-carat stone is the work of Surat-based Greenlab, the company that made the 7.5-ct F / VVS2 gem that was presented by India’s Prime Minister Narendra Modi to then-US First Lady Jill Biden in June 2023.

Greenlab, which produces 1.5m lab grown carats a year, says it took two months to grow the Trump diamond, and it plans to present it to the newly sworn-in president as a gift.

“This 4.7-carat masterpiece is a symbol of our appreciation for leadership and our deep connection with the US market,” said company director Smit Patel.

Source: DCLA

Some Recovery in India’s Polished Exports

India’s gross exports of polished diamonds showed some signs of recovery during December, after a couple of months of volatility.

Foreign sales were $773m, down 10.4 per cent in dollar terms on the same month in 2023, according to the latest figures from the Gems and Jewellery Export Promotion Council (GJEPC).

But that compares to a steep year-on-year drop of 40 per cent in November, with total sales of $660m.

That came after a 11.3 per cent increase in October, when sales hit just over $1.4bn.

Before that GJEPC recorded significant year-on-year drops for every month of the year, with foreign sales in September down 22.9 per cent to $1.29bn.

India’s diamond manufacturing has been badly hit by the ongoing slump in prices and demand, with an estimated 30,000 workers having been laid off in Surat over the last six months.

December’s fall in polished diamond exports was broadly in line with the whole gem and jewelry sector (down 10.3 per cent at just under $2bn).

Source: DCLA

India’s Government Urged to Adopt Lab Grown Rules

India’s government is being urged to adopt the same rules on lab grown terminology as the US.

The GJEPC (Gem & Jewellery Export Promotion Council) says its 7,000-plus members are now required to adhere to the rules introduced by the US Federal Trade Commission (FTC) in 2016 and amended two years later. They have also been adopted by many other countries.

“Since India’s gem and jewellery trade has unanimously accepted the FTC’s new definition with respect to diamonds, we urge the Indian government and ministries to accept, adopt and adapt the same to existing consumer laws of our country.”

The FTC provides detailed guidance on exactly what forms of words can be used. It says: “If you sell laboratory-created diamonds, you should tell consumers that they are not mined diamonds by describing them as “laboratory-grown,” “laboratory-created,” “[manufacturer name]-created,” or some other word or phrase of like meaning so as to disclose, immediately preceding the word “diamond” and equally conspicuously, the nature of the product and the fact it is not a mined diamond.”

Smit Patel, convener of the GJEPC’s lab-grown diamond panel, said: “We have urged the government to align with the advancements and economic significance of lab-grown diamonds by adopting a forward-looking policy framework.”

The Indian government says its Central Consumer Protection Authority (CCPA) has organized a stakeholder consultation on consumer protection for the diamond sector, following representations from the GJEPC.

Source: DCLA

Indian Digger’s Diamond Fetches $111,000

A 19.22 carat diamond, recovered from a shallow mine by a part-time digger in India’s Panna district, sold at auction for $111,000 (Rs 93,79,360).

It was one of 29 diamonds sold by the Panna Diamond Office, as part of a deal in which farmers and laborers rent small patches of land from the government. The other 28 stones raised just over $28,000 between them.

Many of the stones recovered have failed to find buyers at the three-monthly auctions over the last two years, but demand picked up at this latest event, with large crowds of bidders in attendance.

Panna is said to be home to 1.2m carats. Part-time miners pay $2.70 for the rights to dig a 25ft square patch there and diamond finds are quite common.

In February 2022 a part-time prospector dug up a 26.11-carat diamond which later sold for at auction for $193,000.

Source: DCLA

Shutdown for 15,000 Diamond Workers after Boss Suffers Stroke

Maruti Impex, described as one of the world’s biggest manufacturers of small natural diamonds, is halting operations, and has advised its 15,000 workers to seek employment elsewhere.

The company’s founder, Suresh Lakhani, aged 45, suffered a stroke three months ago and remains in a coma.

He’s been the driving force behind the business, which he launched in 1995 when he was just 16 years old. He is said to be the sole decision maker.

The future of Maruti Impex, which operates over 100 units, directly and indirectly, in Surat, Bhavnagar, Amreli, and Junagadh, is now uncertain.

Staff were informed of the closure by audio message, just as diamond units re-open after the Diwali break.

They received salaries up to the holiday, but have been told it’s not clear when operations could resume. The company made mention of “three or four months”.

Family members stepped in short term following Lakhani’s stroke, but have reportedly decided to pause operations because of weak market conditions.

Times of India quotes Dinesh Navadiya, chairman of the Indian Diamond Institute, as saying: “Without his (Lakhani’s) leadership and given the current challenging market conditions, the management is unable to continue operations.”

Lakhani describes himself on LinkedIn as a “self-made entrepreneur and philanthropist who has built a successful global business – “Maruti Impex” from scratch. Maruti Impex is one of the largest companies in the world in cut and polished diamonds.”

Source: DCLA

“Life-Changing” Diamonds Fail to Find Buyers

Hundreds of carats of diamonds unearthed by part-time diggers in India’s diamond-rich Panna district remain unsold after state-run auctions failed to attract buyers.

Farmers and laborers rent small patches of land from the government and regularly recover gems worth potentially life-changing sums.

But many of their finds have been unsold at recent auctions conducted by the Panna Diamond Office, as demand slumps globally and lab growns take ever larger shares of the market.

At the latest sale 64 diamonds, weighing 111.45 carats, were unsold, according to a Free Press report.

It said that in 2022-23, at least 139 diamonds, weighing 255.47 carats were unsold, and in 2021-22, there were unsold 68 diamonds, weighing 73.15 carats.

Panna is said to be home to 1.2m carats. Part-time miners pay $2.70 for the rights to dig a 25ft square patch there and diamond finds are quite common.

In May 2022 farmer Pratap Singh Yadav (pictured) recovered an 11.88-carat diamond and said he’d use proceeds from the sale of the stone to set up a business and pay for his children’s education.

In February of that year another part-time prospector dug up a 26.11-carat diamond which later sold for $193,000. And in February 2021 laborer Rampyare Vishwakarma unearthed a 14.09-ct diamond.

Source: DCLA