US market slump

India's gems and jewellery exports to US plunged 45% during 2025-26 as tariffs and uncertainty disrupted shipments.

H1 recovery signs

Shipments rebounded to 6% growth in first half of current fiscal year 2026.

US accounts for 33% of exports

The US represents nearly a third of exports from this labour-intensive industry with heavy import content.

Natural diamonds hit hard

Natural diamond shipments to US plunged 60% year-on-year to $1.45 billion during April-December 2025.

Surat hub struggles

Surat, India's diamond-cutting hub processing 90% of world's rough diamonds, saw US orders dwindle to a trickle.

Export diversification

Exporters redirected shipments to UAE, Hong Kong, Australia and France to maintain export stability.

Sanket Patel's strategy

Greenlab Diamonds aims to develop sustainable demand across multiple geographies rather than replace one market overnight.

“Our aim is to develop sustainable demand across multiple geographies rather than replace one market overnight”

Domestic market growth

Indian jewellery market shows encouraging opportunities with growing retail and consumer interest.

Shivam Jewels adaptation

Shivam Jewels worked with overseas partners during peak tariffs to export diamonds to US and modified SKUs to match demand.

Gross export growth

Gross exports reached $14.3 billion in April-September 2026, up 3.1% year-on-year from $13.8 billion.