US Tariffs Take the Shine Out of the World's Most Precious Rock

DIAMONDS ARE FOREVER - or so we have heard down the ages. Diamonds have sparkled on the necklines of the royalty and the wealthy, on the ring fingers of brides and grooms and the nose studs and earrings of Indian women, since time immemorial.

- Ashish Sinha

Diamonds have kept a flourishing cutting, polishing and trading industry alive in India, but its sparkle on export charts is fading fast. Blame it on Uncle Sam's new 10 per cent tariff, a move that's set to leave Indian diamantaires wincing as they polish away profits. And had that not been enough, the rising glitz of lab-grown diamonds (LGDs) — cheaper and nearly indistinguishable — has taken much of the natural shine off the gem.