Shine On: India Ships $319.9M in Diamonds to Beat the Tariff Clock

Mumbai Customs cleared a US-bound shipment of cut and polished diamonds valued at $319.9 million in the first four days of April, five times the amount cleared in the corresponding period last year. Exporters are eager to ship diamonds before the US-imposed steep 26% reciprocal duty, announced by the US under President Trump's trade policy, takes effect on April 9.

The tariff would significantly impact India's diamond business, which cuts nine out of ten diamonds globally and relies on the US for over half of its demand. Senior industry executives have made predictions of reduced rough diamond imports and realignment of production post-tariff imposition. Despite difficulties, professionals are hopeful about long-term US consumer preference for natural diamonds, particularly for engagement rings.

 

Source: Economic Times, Reuters