According to the Gems and Jewellery Export Promotion Council (GJEPC), polished diamond exports totalled $1.07 billion in July, rebounding from a 23 per cent slump in June when exports fell to $779 million. The July surge marks the first sign of recovery since October last year, when the sector last posted positive growth.
The rush came ahead of the 50 per cent tariffs imposed by the US on Indian diamond exports, announced in April but phased in this month. A 25 per cent duty came into force on August 7, with another 25 per cent levy set for August 27. US President Donald Trump described the measures as retaliation against India’s purchases of Russian oil.
Industry experts believe shipments may remain elevated in August as exporters attempt to beat the second tariff deadline.
Meanwhile, imports of rough diamonds from April to July grew marginally, rising 1.5 per cent to $4.37 billion. Broader gems and jewellery exports also benefited from the tariff-driven rush, climbing 17 per cent in July to $2.18 billion.
Kirit Bhansali, chairman of GJEPC, said the figures were encouraging despite global headwinds. “The July export figures, a successful IIJS Premiere with strong order bookings, and the revival of the Hong Kong market are encouraging signs for our industry, especially amid global challenges such as the impact of US tariffs,” Bhansali noted.
