【Surat, Gujar】US Imposes 50% Tariff, Yet Surat Diamond Traders Witness a Boom in November 2025

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Editor’s Note

Despite a challenging 50% US tariff, Surat’s diamond industry recorded a sharp export rebound in November 2025, with natural diamond shipments rising 45% year-on-year. The figures mark a rare bright spot amid a prolonged local downturn.

Surat diamond traders defy US tariffs, the blunt times
Surat Diamond Hub Defies Tariffs with Export Surge

Even after a 50% US tariff hit Indian gems and jewellery, the Surat diamond hub posted a surprising boom in November 2025. For the first time during the ongoing recession in the Surat diamond industry, November was a boom month. Compared to November 2024, there was a 45 percent increase in the export of natural diamonds and a 16.33 percent increase in the export of lab-grown diamonds in November 2025.

Pivoting to New Markets

According to diamond traders, after the tariffs were imposed in August, American traders slowed down orders. However, enough orders were placed to meet Christmas demand in December 2024. Exports have also increased as traders from the Surat-Mumbai hub have discovered new markets in countries including Latin America and Australia, beyond the US.

Key Export and Import Figures

According to GJEPC data, the overall gross export of cut and polished diamonds increased 45% to Rs 8,169 crores in November 2025 compared to Rs 5,624 crore during the same month in 2024. However, the overall gross imports of cut and polished diamonds registered a whopping 253% increase at Rs 1,693 crore in November 2025 compared to Rs 455 crore during the same month in the previous year.

Rising Demand for Fancy Diamonds
“In August, America had stopped the purchase of natural diamonds by imposing tariffs. However, due to Christmas in December, shopping has started, so traders have placed orders. Apart from natural diamonds of more than 3 carat size, the demand for fancy natural color diamonds has also increased. Due to market discovery in other countries too, the export of natural diamonds has increased in the month of November 2025 as compared to the previous month,” said GJEPC Studded Panel Convenor Vijay Mangukiya.
Sector-Wide Growth

The overall gross exports of Gems & Jewellery witnessed a 19% increase at Rs 22,300 crore during November 2025 compared to Rs 17,708 crore during the same month in the previous year. The overall gross imports of Gems & Jewellery was Rs. 16,834.79 crores in November 2025, showing a growth of 43% compared to Rs. 11,757.49 crores for the same period of the previous year.

Commodity Export Breakdown (Values in Rs Crore)
Commodity 2025 2024 Change
Natural Cut & Polished Diamonds 8,168 5,624 +45.23%
Lab-Grown Cut & Polished Diamonds 675 581 +16.33%
Plain Gold Jewellery 3,469 5,699 -39.12%
Studded Gold Jewellery 7,361 4,684 +57.00%
Silver Jewellery 1,758 539 +225.00%
Platinum Jewellery 268 129 +106.00%
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⏰ Published on: December 16, 2025