【Surat, India】September Natural Diamond Exports Shine Despite US Tariff

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Editor’s Note

India’s diamond exports demonstrated remarkable resilience in September, defying significant global headwinds including new US tariffs and geopolitical disruptions. This article examines the factors behind this surprising strength.

Sep natural diamond exports shine despite US tariff
Exports Defy Tariff Pressure

Surat: Just as a diamond must endure immense pressure and heat before it can reveal its brilliance, India’s natural cut and polished diamond (CPD) exports shone brighter in September, despite global pressures such as US tariffs, the Ukraine war and sanctions on Russian roughs.

CPD exports rose to $1.36 billion this September, from $1.29 billion in the same month last year.

It was feared that the 50% US tariff that came into effect from August 27 would severely affect exports from India. To beat the tariff increase, record exports were made in the short periods ahead of the deadlines. Before the 26% tariff came into force on April 9, $1 billion worth of gem and jewellery (GJ) products were exported with the March 28 to April 4 week showing a massive spurt.

Again in July, overall gross exports of GJ rose to $2.17 billion compared to $1.87 billion in the same month of 2024. Experts said goods were not sold, but rather manufacturers and traders were shifting goods to offices in the US.

A Sign of Demand Recovery

Despite the sizable quantity of GJ products exported earlier this year, the increase in September is considered a sign of growing demand.

“This growth in exports could be demand-driven in traditional markets such as the US and China. However, this growth is from the bottom in terms of value,”

said Vandit Vaghasia, MD, VD Global, a leading diamond manufacturer.

“The market was at the bottom, and it is recovering from that level. Despite the tariff, there is a growth in exports, which is a good sign. We are hopeful that a solution to the tariff issue is found soon.”

said Vipul Shah, CEO of Asian Star, a top diamond manufacturer.

A top diamantaire hinted that retailers in the US are witnessing growth in demand for natural diamonds.

It is believed that stabilizing and improving economic conditions are opening up the natural diamond market despite the price increase due to the tariff.

“This can be called growth that is rising off the bottom. The markets have seen their lowest levels of prices and exports, and it is showing signs of improvement now,”

said an industry expert.

Contrasting Performance in Other Segments

Meanwhile, polished lab-grown diamond exports fell from $120 million in September 2024 to $107 million for the same period this year. Plain gold jewellery exports also fell by 7% from $396 million in September 2024 to $367 million. Studded gold jewellery exports improved by 8% from $670 million in September 2024 to $725 million this year.

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⏰ Published on: October 11, 2025