Diamond trade feels tariff pinch: Indian exports might face 20–25% slump; margin hit may spread to miners, retailers, says Crisil analysis

Indian natural polished diamond exports face challenges as the US market, a major consumer, slows down and imposes tariffs. A 10% tariff in April 2025 reduced the US share of exports, potentially decreasing Indian diamond polishers' revenue by 20-25%. While the industry anticipates disruptions, diversified trade relationships offer some protection, suggesting the US might face greater long-term consequences.