Trump Tariffs Shake Indian Diamond Exports

India’s polished diamond exports have dropped to their lowest level in nearly 20 years, as demand weakens in key markets like the U.S. and China.

Exports fell 16% in 2024–25 to $13.3 billion, according to Indian jewellers and trade data.

U.S. President Donald Trump’s proposed 27% tariff on Indian imports, now paused for 90 days, has added pressure to the industry, which rushed to ship goods before the duties kicked in.

India processes 9 out of every 10 diamonds globally, with most polishing done in Surat. But a slowdown has gripped the city, threatening thousands of jobs.

Smaller diamond businesses may be forced to shut down, with uncertainty rising as tariffs and soft global demand reshape India’s jewelry trade.