DIAMONDS TO DUST

Already under threat from lab-grown diamonds, Indian diamantaires stare at a certain abyss as US levies hurt exports

- BY JUMANA SHAH

The Fallout: The Indian diamond industry, spanning polishing, jewellery-making and trading, has been hammered by the latest US tariffs. The US is India's single-largest market, accounting for over $10 billion (over Rs 88,000 crore) in exports, or 63 per cent of the nearly $16 billion (Rs 1.4 lakh crore) of India's cut and polished natural diamonds exports in FY25. Industry leaders warn the stalled shipments alone could cost thousands of crores.