US tariffs threaten India's diamond industry, risking jobs and exports, causing uncertainty and anxiety

From Yahoo Finance: 2025-04-04 06:55:00

A wave of anxiety hits Surat, India’s diamond hub, as U.S. tariffs threaten gem and jewellery exports, risking jobs for thousands. The U.S. imposed a 27% reciprocal tariff, impacting India’s $32 billion annual gem and jewellery exports. Surat, processing 80% of the world’s diamonds, faces a crisis worse than 2008. Small players may shut down, affecting millions of workers. The industry seeks new markets to compensate but worries about the Surat Diamond Bourse’s future. Exporters rush to ship to the U.S. before tariffs, fearing cancelled orders and reduced demand. Uncertainty looms for workers like Chetan Navadiya amid the market slowdown.



Read more at Yahoo Finance: US tariffs set to cripple India’s diamond industry, hurting jobs, exports