Editor’s Note
**Editor’s Note:** This article examines the potential impact of new U.S. tariffs on India’s gem and diamond industry, highlighting risks to a key export sector.
U.S. Tariffs Could Spell Trouble for India’s Gem Industry
by Anna Fleck, Apr 9, 2025
According to an analysis by Reuters, U.S. President Donald Trump’s new tariffs could be a major hit to India’s gemstone and jewelry industry, impacting exports and jobs. The U.S. is one of India’s biggest markets for the sector, accounting for an estimated third of India’s total gem and jewellery exports in the financial year 2024-25.
Where the diamond and gems industry had previously attracted zero tariffs from the U.S., after Trump’s latest move, duties are rising to 26 percent. For other types of jewellery which had some preexisting duties on them, the 26 percent duty will be added on top. For example, tariffs on gold and platinum jewellery will now rise to 31-33 percent as silver jewellery increases to 31-39.5 percent and imitation jewellery to 26-37 percent.
This comes at a time when the diamonds and gems industry has already been experiencing a slowdown. According to media reports, this is partly due to a decline in demand from consumers in the key market of China, where an economic downturn has affected spending. Changing consumer interests as well as growing popularity for cheaper lab-made diamonds and falling marriage rates – and therefore interest in engagement rings – are also contributing to the decline.
Anna Fleck
Data Journalist
[email protected]
Description
This chart shows India’s gems and jewellery exports per financial year (in billion U.S. dollars).
Report
Download Chart
URL to be used as reference link:
https://www.statista.com/chart/34266/indias-gems-and-jewellery-exports/
HTML code to embed chart
Can I integrate infographics into my blog or website?
Yes, Statista allows the easy integration of many infographics on other websites. Simply copy the HTML code that is shown for the relevant statistic in order to integrate it. Our standard is 660 pixels, but you can customize how the statistic is displayed to suit your site by setting the width and the display size. Please note that the code must be integrated into the HTML code (not only the text) for WordPress pages and other CMS sites.
You will find more infographics at Statista