Diamond Industry

Diamond City stares at gloomy paydays amid Donald Trump tariff cloud

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

Beyond the tariff tears: The 99 per cent opportunity in India's MSME engine

The number of exporting MSMEs, despite a commendable trebling in the last four years, was a meagre 173,350 in May last year

Forevermark opens 1st flagship store in Delhi, plans 100 outlets by 2030

Forevermark targets metros and tier II cities with affordable luxury focus

US tariff impact: Cut and polished diamond exports to fall 17-20% in FY26

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

US tariff may cut FY26 revenue of Indian diamond polishers by 30%: Crisil

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

Trump tariffs take the shine off Indian diamonds, expect 30% revenue cut

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

Tariff turbulence: Surat's diamond industry faces third crisis in 17 years

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

US tariff impact: Diamonds, shrimps, textiles most vulnerable, says Crisil

Crisil says 50% US tariff on Indian imports will severely impact diamond polishing, shrimp, home textiles, and carpets, with other sectors facing manageable to moderate risk

US tariff hikes slash diamond jobs in Gujarat, hit Rajasthan gems trade

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

India's gems and jewellery exports to US halted after 50% tariff hike

The US tariff hike on gems and jewellery exports from India has halted shipments, slashed market share and may lead to 1.25 lakh job losses in major export hubs

Exports of cut and polished diamonds to decline by 7-10% in FY26: Icra

India's CPD exports may decline to $12 billion in FY26 amid pressure from US tariffs, lower demand in China, and rising competition from lab-grown diamonds

Diamond polishers in Surat face a rougher grind as US tariffs cut deep

The tariff trap Part-I: The first of a three-part series captures how Surat's diamond industry is coping with tariff uncertainties

Mehul Choksi undergoing cancer treatment, to appeal against extradition

Mehul Choksi, 65, left India on January 2, 2018. He is wanted by the CBI and ED for allegedly cheating Punjab National Bank (PNB) out of ₹13,850 crore

Gems & jewellery exporters jittery over steep hike in US reciprocal tariff

Exports will be badly hit in the next couple of months until the cost impact is analysed by US consumers and Indian exporters, said industry players

Lab-grown diamond jewellery brand Firefly raises $3 mn in funding

Seed funding rounding for business expansion was led by WestBridge Capital

Solitario Lab Grown Diamonds raises $3.6 million in pre-IPO funding

Leading lab-grown diamond brand Solitario Lab Grown has raised USD 3.6 million in a pre-IPO funding round. The funding round attracted notable investors including Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with several ultra-high-net-worth individuals including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, a company statement said on Tuesday. Co-founded by jewellery industry veteran Ricky Vasandani, and Bollywood actor Vivek Oberoi, Solitario crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants. "The newly raised capital will be used to expand Solitario's retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities," Co-founder Vivek Oberoi, said. The company has

Lab-grown diamond industry to continue with self-regulation: Piyush Goyal

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

De Beers plans to grow Forevermark revenue to $100 million by 2030

Forevermark, which went through an internal restructuring and shifted focus from supplying loose diamonds to companies to a jewellery label in the country

De Beers plans to open 15 Forevermark brand retail stores in India in 2025

De Beers, a global leader in the diamond industry, on Wednesday announced it will foray into the retail segment with the opening of 15 Forevermark brand stores in India in the current year. De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of USD 1 million. "We are investing in retail through Forevermark jewellery brand. We will open 15 stores, eight in Delhi and the rest in Mumbai this year," he told reporters here. The retail space for opening the stores has been identified and probably, the first retail store will open in June-July, the official said, but declined to share the financial details. Pratihari said there is no threat to the natural diamond industry from synthetic diamonds while emphasising the need for quality certification to differentiate both to protect the interest of consumers. The company is working closely with the government in this regard, he added.

Govt introduces Diamond Imprest Authorization scheme to support exporters

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