India's Diamond Industry Faces Its Darkest Hour: A Two-Decade Low

India's polished diamond exports have plummeted to their lowest level in nearly two decades, marking a significant downturn in the fiscal year 2024-25. This decline is primarily attributed to sluggish demand from key markets such as the U.S. and China, which have historically been crucial for India's diamond industry. The Gems and Jewellery Export Promotion Council (GJEPC) reported that exports of cut and polished diamonds fell by 16.8% year-on-year to $13.3 billion, impacting overall gem and jewelry exports, which dropped by 11.7% to $28.5 billion.

 

Key Highlights:

These developments highlight the challenges facing India's diamond sector but also underscore efforts to revitalize it through strategic government initiatives.

 

Source: Economic Times, Reuters, Indian Jeweller.