Diamond Exports See Rise in July Ahead of US Tariff

Surat: Exports of gems and jewellery (G&J) surged ahead of the US’s 50% tariff taking effect on August 27, with July shipments growing 16% compared to the same month last year. Cut and polished diamonds (CPD) exports also rose by 18%, reflecting a strong performance despite global trade pressures.

After two years of decline, overall G&J exports in July reached $2.17 billion, up from $1.87 billion in July 2024. CPD exports rose to $1.07 billion from $910 million, while polished lab-grown diamond exports increased 27.6% to $122 million from $96 million last year.

However, for April–July 2025, lab-grown diamond exports fell 8% to $381 million from $416 million. Diamond manufacturers in Surat attributed the July surge to stock being shifted to the US ahead of the tariff deadline.

Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council (GJEPC), said, “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.” DeshGujarat