India Diamonds

For the third time, India will chair the Kimberley Process (KP), a global initiative to remove conflict diamonds from the global supply chain, from January 1 next year, the Commerce Ministry said in a statement on Thursday. KP is a joint initiative of different countries, industry and civil societies to control the flow of conflict diamonds, which are used by rebel movements to finance wars against legitimate governments in the world. India is a global player in diamond cutting and polishing. As defined in United Nations Security Council resolutions, conflict diamonds are rough diamonds used by rebel groups or their allies to finance conflicts that undermine legitimate governments in the world. "India will take over as KP Vice Chair from December 25, 2025, before assuming the chairmanship in the new year. This will be the third time India has been entrusted with the chair of the Kimberley Process," the ministry said. During its tenure, India will focus on strengthening governance

Following the double tariff whammy in August, the average effective American levy on gems and jewellery has climbed to 55%

India processes over 90 per cent of the world's polished diamonds by volume and exports nearly 47 per cent of the country's total gems and jewellery exports

The industry, which employs over 800,000 skilled artisans, is heavily reliant on the US market, accounting for approximately 32 per cent of India's diamond exports

India's natural diamond polishing industry faces a 28-30 per cent fall in revenues to USD 12.50 billion in this financial year as the steep 50 per cent tariff imposed on Indian exports by the US kicks in, a report said on Thursday. An additional 25 per cent tariffs on Indian products entering the American market came to effect on Wednesday after the US administration's move to penalise India for purchasing Russian oil. This is on top of the 25 per cent the reciprocal tariff imposed by US President Donald Trump in April. During 2024-25, the revenue of the natural diamond polishing industry in India stood at around USD 16 billion, Crisil Ratings said in a report. The blow will follow a 40 per cent degrowth over the past three fiscals because of a fall in both prices and sales volume of natural diamonds as demand in the US and China dropped, and competition from lab-grown diamonds rose, it added. Crisil Ratings said 50 per cent tariffs, effective this week, makes exports to the US tou

Crisil Ratings warns Indian diamond polishers face their worst year since 2007, with FY26 revenues projected to shrink to $12.5 billion after Trump's 50% tariff shock

From Jonnagiri to Peravali in the Kurnool district of Andhra Pradesh, villagers and outsiders are digging rain-washed soils for diamonds, a tradition that has turned farmers into millionaires

The industry still says India will continue to be the preferred hub for diamond polishing because of its skill base and manpower

Nearly 100,000 workers in Saurashtra lose jobs; Rajasthan's gems and jewellery sector also braces for slowdown as Donald Trump's 50% tariffs hit Indian industries

What we see at the moment is that as Indian consumers become more independent, have more freedom, they're choosing to buy diamond jewellery as symbol of that independence and symbol of their success

Chutes of recovery seen in the Chinese diamond market, which is second only to the US, has sparked optimism among the Indian diamond industry, which could reshape the diamond manufacturing landscape, the Gem and Jewellery Export Promotion Council (GJEPC) officials said. China's economic slowdown coupled with plunging marriage rates in the country created a chilling effect in the Chinese diamond market valued at around USD nine billion. Last year, China's diamond market generated about USD 5.7 billion in revenue, and is expected to grow to USD 7.2 billion by 2030, according to market analysts. The demand for diamonds has fallen by as much as 50 per cent in China, while wholesale diamond prices have fallen by about 40 per cent over the past two years, creating a major downturn in the global diamond industry especially that of India as it accounted for a third of India's cut and polished diamond exports. India's gems and jewellery exports declined by 23.49 per cent in February at USD

The newest trend in jewellery, lab-grown diamonds have the added advantage of being eco- and wallet-friendly, besides being free of ethical concerns around mining practices

A key area where De Beers wants to make an impact is ensuring the authenticity of diamonds - a major concern among customers and sometimes even jewellers

Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets. "Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said. He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds. The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective. On G7 nations imposing traceability requirements, the minister said they have the right to put them in place. "However, to ensure o

This move comes in response to policies in diamond-producing countries like Botswana and Namibia, where manufacturers must process diamonds locally

Union Minister of Commerce and Industry Piyush Goyal, who is in Brussels, met with the delegation of Antwerp World Diamond Centre (AWDC) on Monday and asserted that India will safeguard the interests of its small and medium enterprises and individuals in the diamond industry.In a post on X, Goyal said, "Met with the delegation of Antwerp World Diamond Centre (AWDC) led by their President and other stakeholders from the diamond industry. Conveyed India's stand on safeguarding the interests of our Small & Medium Enterprises and individuals in the diamond industry."During the meeting, Goyal requested the European Commission trade commissioner to extend the deadline for technology-based certification in the diamond sector."Also, deliberated on the progress of the request made to the Trade Commissioner regarding an extension of the deadline for technology-based certification, highlighting its crucial role in supporting Indian small businesses and protecting consumer interests in the .

Amid the growing debate and confusion between natural and lab-grown diamonds, the CCPA, recognizing customer concerns, held a meeting on November

The Central Consumer Protection Authority (CCPA) will soon release guidelines on diamond sector to ensure explicit labelling and certification of all diamonds and prohibit the use of misleading terms in trade. The CCPA has organised a stakeholder consultation on consumer protection in the diamond sector to deliberate on the use of appropriate terminology for diamonds, an official statement said on Tuesday. The consultation, chaired by Nidhi Khare, Chief Commissioner, Central Consumer Protection Authority (CCPA), brought together key industry stakeholders and experts. "The CCPA will soon release a robust framework to ensure transparency, accountability, and consumer protection across the diamond industry," the statement said. The meeting addressed critical concerns regarding the lack of standardised terminology and inadequate disclosure practices in the diamond sector. "These gaps have resulted in consumer confusion and misleading practices, especially concerning the differentiatio

Geopolitical tensions, sanctions, and competition have led to a decline in consumer demand and exports for Surat's diamond industry

India's natural diamond polishing industry is likely to witness a 25-27 per cent decline in revenue to a decadal-low of USD 12 billion this fiscal on lower demand in key markets and a shift in preference to consumer lab-grown diamonds, according to a report released on Wednesday. The decline in revenue is mainly due to muted demand in key export markets of the US and China, a 10-15 per cent fall in diamond prices amid oversupply and a shift in consumer preference towards lab-grown diamonds (LGDs), Crisil Ratings said in its report. Declining for the third fiscal in a row, the natural diamond polishing industry's revenues are estimated to fall 25-27 per cent year-on-year to a decadal low of USD 12 billion this fiscal, it added. The industry's revenue contracted 29 per cent in the previous fiscal and 9 per cent in FY23. The report stated that tepid demand amid decreasing prices has seen diamond polishers limiting the purchase of roughs and have curbed manufacturing. In turn, miners