India’s gross monthly exports of polished diamonds jumped 17.8 per cent in July, as manufacturers rushed to get their goods into the US before the 50 per cent tariffs took effect.
It was the first year-on-year increase since last October, when the markets showed some small signs of a possible recovery. Since then exports have declined every month.
Foreign sales were $1.07bn, according to the latest data from the Gems and Jewellery Export Promotion Council (GJEPC), following on from India suffered a 23 per cent dip in June, with total exports of $779m.
US tariffs on Indian exports were first announced in April, but didn’t take effect until August. The initial 25 per cent tariff was imposed on 7 August, prompting a rush to export, and an additional 25 per cent tariff – what President Donald Trump describes as a punishment for India buying Russian oil – comes in on 27 August. This could lead to another monthly increase in August, as manufacturers try to beat the next tariff deadline.
Meanwhile, imports of rough diamonds for April to July grew slightly, up 1.5 per cent to $4.37bn.
Overall gross exports of gems and jewelry also rose on tariff worries, up 17 per cent to $2.18bn.
Kirit Bhansali, GJEPC chairman, 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.”
The Carats 2025 trade show is switching to a smaller venue amid the ongoing diamond industry downturn.
The three-day B2B event, organized by the Surat Diamond Association (SDA), will take place at Avadh Utopia lifestyle club and hotel, in Surat, rather than the 1.5m sq ft Surat International Exhibition and Convention Centre (SIECC) where it has been held previously.
Only 73 exhibitors have registered for the event, which opens on 11 July, according to Times of India, compared to 118 last year.
Organizers said the move was in response to participants’ preferences, rather than lower exhibitor numbers. Many diamond manufacturers expressed a preference for a venue with hotel facilities.
SDA says in an Instagram post that it’s expecting over 7,000 visitors and over 200 buyers. In 2024 it reported 10,000 visitors.
“This milestone attendance underscores the exhibition’s position as a leading platform for showcasing innovation and excellence in diamond industry,” said SDA Jagdishbhai Khunt at the time.
Two jewellers from India have broken the record of Most diamonds set in one ring, by setting a staggering 6,690 diamonds into an 18 karat rose gold structure, shaped like a lotus flower.
Vishal Agarwal and Khushbu Agarwal, both based in Surat, Gujarat, constructed the ring using a base component and 48 individual diamond encrusted petals.
The lotus ring weighs more than a golf ball, with a total weight of just over 58 grams.
It took six months to design and craft the intricate ring, which has been valued at $4,116,787 USD.
Vishal created the design for the ring, and Khushbu, who owns Hanumant Diamonds, funded and provided the resources for the ambitious project.
The ring was manufactured by Hanumant Diamonds artisans, based in Mahidarpura, Surat.
The lotus ring took the record from Savio Jewellery’s Peacock Ring which earned the record in 2015, with 3,827 cut diamonds.
The idea for Vishal and Khushbu’s creation came from them wanting to raise awareness about importance of water conservation.
They decided to use their work to generate awareness and settled on a lotus flower design because it is the national flower of India, and because it depicts “the beauty growing in the water-world”.
