Data released by the Gems and Jewellery Export Promotion Council (GJEPC) stated on Tuesday, October 14, that Diamond Exports to the United States, a significant market for the gemstone, dropped by more than 50% this year, in comparison to the corresponding first half of the last financial year (April-September 2024). In contrast, exports to nations such as the United Arab Emirates (UAE), Hong Kong, and the United Kingdom have surged.
Record Surge of Diamond Exports to UAE, Hong Kong and UK
Furthermore, a statement issued by the council stated that the record surge was observed in the Diamond exports to UAE market, which rose by 65.23 per cent (nearly $ 1, 300 million), and an 18 percent increase in the cut and polished diamonds exports to the Hong Kong market at $2057 million. Moreover, UK witnessed a 17 percent increase, which was valued at $155.50 million, as compared to the 53.62 percent drop in the US market ($1, 175 million).
Diamond Exports severely hit by imposition of US Tariffs
Undoubtedly, the United States is the largest export market for cut and polished diamonds, which accounts for around a third of India’s annunal gems and Jewellery exports valued at around $10 billion of its aggregate exports. It has been badly hit after the imposition of US tariffs which came into effect from August 2025. Another statement from the council said that the Gems and jewellwry export has seen a growth of 3.66 per cent valued at $14.09 billion in the April-september 2025. However, US is a significant destination for Indian gems and Jewellery exports which have been combating challenges due to Tariff-related factors.