The Indian diamond industry is confident of overcoming the US tariff

Members of India’s diamond industry have stated that the US decision to impose 50 per cent tariffs on Indian goods poses a challenge. Still, they expressed confidence in the sector’s resilience and the strength of the domestic market.

Amit Pratihari, Managing Director of De Beers India, said, “India is the second-largest diamond jewellery market. There are lots of domestic opportunities,” on the sidelines of Diamond Conclave 2.0, organised by the Indian Chamber of Commerce.

Sabhysachi Ray, Executive Director of the GJEPC, was equally optimistic, saying, “There will be no job losses, because the employers have the capacity to sustain them for 3-6 months.” Ray also pointed to strong GDP growth and rising disposable incomes as supportive factors for jewellery demand.

R. Arulanandan, Director in the Department of Commerce, said, “Regarding tariffs, dialogues are going on. India is a large market, and the domestic demand for diamonds is growing. Irrespective of tariffs, the exporters should not put all eggs in one basket.”

Suvankar Sen, Managing Director of Senco Gold and Diamonds, said festive season demand in India could help offset losses, even as exports may dip for 1-2 months. “In the short run, till an understanding is reached between the countries, there would be an impact,” he said.