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Diamond City stares at gloomy paydays under Trump tariff cloud
Business Standard
|October 04, 2025
For Gauravbhai Patwa, who is running diamond operations for three decades, this is the “worst-ever” downturn. He has just secured an order for a necklace worth ₹3.5 lakh.
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“The necklace has ₹2.5 lakh in gold, ₹45,000 in labour, and only ₹35,000 worth of diamonds,” he says. “You can’t change gold prices. Labour charges are fixed. Even if I take a 100 per cent markup on diamonds, I could make just ₹17,000.” This underscores the imbalance: Gold now outweighs diamonds.
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