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June 28, 2025India’s c&p diamond exports to reduce by 7 -10% in FY2026
India’s cut and polished diamond (CPD) exports are set to shrink further by 7-10% in FY2026 to around $12 billion, extending the downturn after hitting a 20-year low in FY2025, according to a report by ICRA. The credit rating agency has maintained a “Negative” outlook for the sector, citing continued demand pressures in key markets like the US and China, compounded by uncertainty over potential US tariff impositions, as reported in FortuneIndia.
The report highlights that India’s CPD exports declined by 17% year-on-year in FY2025 to $13 billion, following an even steeper 28% fall in FY2024. This prolonged slump has been driven by a combination of weak global macroeconomic conditions, changing consumer preferences, and growing competition from lab-grown diamonds (LGD) and fancy-coloured diamonds (FCD).
