US Slaps 50% Tariff, But Surat Diamond Traders See a Boom in November 2025

Surat | Gujarat — Even as the US has imposed a 50% tariff on Indian goods including gems and jewellery, the diamantaries in the world’s largest diamond cutting and polishing centre in Surat are laughing away to their banks. For the first time during the ongoing recession in the Surat diamond industry, November was a boom month. Compared to November 2024, there has been an increase of 45 percent in the export of natural diamonds and 16.33 percent increase in the export of lab-grown diamonds in November 2025.

According to the diamond traders, after the tariffs were imposed in August, American traders had put brakes on orders. However, enough orders were placed to meet Christmas orders in December-2024. Apart from this, exports have increased as the traders of Surat-Mumbai have discovered markets in countries including Latin America, Australia, other than America.

According to the GJEPC data, the overall gross export of cut and polished diamonds increased 45% to Rs 8,169 crores in November 2025 compared to Rs 5,624 crore during the same month in 2024.  However, the overall gross imports of cut and polished diamonds registered a whopping 253% increase at Rs 1,693 crore in November-25 compared to Rs 455 crore during the same month in the previous year. 

Demand for fancy diamonds more than 3 carats increased

GJEPC Studded Panel Convenor Vijay Mangukiya said that in August, America had stopped the purchase of natural diamonds by imposing tariffs. However, due to Christmas in December, shopping has started, so traders have placed orders. Apart from natural diamonds of more than 3 carat size, the demand for fancy natural color diamonds has also increased. Due to market discovery in other countries too, the export of natural diamonds has increased in the month of November 2025 as compared to the previous month.

The overall gross exports of Gems & Jewellery witnessed 19% increase at Rs 22,300 crore during the month of November 2025 as compared to Rs 17708 crore during the same month in the previous year. The overall gross imports of Gems & Jewellery was Rs. 16834.79 crores in month of November 2025 is showing a growth of  43% as compared to Rs. 11757.49 crores for the same period of the previous year.

The overall gross exports of Gems & Jewellery at Rs.164219.21 crores is showing a growth of 3.99% compared to Rs. 157912.81 crores for the same period of previous year. The overall gross imports of Gems & Jewellery at Rs. 120137.91 crores is showing a growth of 10.98% 

as compared to Rs. 108250.6 crores for the same period of previous year

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| Commodity                    | 2025  | 2024  | Rise / Fall |

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| Natural Cut & Polished        | 8168  | 5624  |  +45.23%   |

| Lab-Grown Cut & Polished      |  675  |  581  |  +16.33%   |

| Plain Gold Jewellery          | 3469  | 5699  |  -39.12%   |

| Studded Gold Jewellery        | 7361  | 4684  |  +57.00%   |

| Silver Jewellery              | 1758  |  539  | +225.00%   |

| Platinum Jewellery            |  268  |  129  | +106.00%   |

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