Mumbai: US President Donald Trump’s uncertain tariff policy volatility and consequently India and China have led to India’s cut and polished diamond exports in FY 2024-25 ended in March, which ended in March. India is harvested and polishing 9 out of every 10 diamonds produced globally in India, which is considered to be the center of harvesting and polishing in the world.
Demand has declined a drastic decline due to uncertainty in the world’s largest diamond market America. As a result, export of chopped and polished diamonds has decreased. Ratna and Jewelry Export Promotion Council (GJEPC) said in a statement that exports of chopped and polished diamonds, usually half of gems and jewelery exports, fell 16.8 percent to $ 13.3 billion. Ratna and jewelery exports declined by 11.7 percent to $ 28.5 billion due to this decline. Which has fallen from $ 32.28 billion in the previous year to a lowest level of four years.
Indian processors have also reduced the import of raw diamonds from 24.3 percent to $ 10.8 billion due to weak demand for polished diamonds. Ratna and jewelery exports increased by one percent in March.
However, it has increased to $ 2.56 billion in March, as the US GJEPC says exporters increased the shipment before the tariff announced. Significantly, US President Donald Trump had earlier announced a 27% tariff on Indian imports from April 9, but later announced the postponement of this tariff for 90 days.
GJEPC Vice President Shaunak Parikh said that in March, American buyers had also increased their purchases before the tariff was implemented. Indian exporters first started fulfilling the US order. So that there is no additional cost burden in the form of tariffs. Exporters say that India’s gems and jewelery exports are unlikely to improve this year due to uncertainty on American tariffs.
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