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AP PHOTOS: Decades-old diamond industry in India’s Surat faces an uncertain future
- Diamond traders in Surat, a city in India's Gujarat state, face growing challenges in May 2025 due to changes in the global market and tariffs.
- These challenges arise from rising popularity of cheaper lab-grown diamonds, bans on Russian diamonds by the EU and G7, and U.S. Tariffs imposed by President Trump.
- Surat processes four out of five diamonds worldwide, with the U.S. Taking nearly 30% of India's gem exports, but proposed tariffs could slash export revenue by half and reduce competitiveness.
- A representative from the Jewellers Association of Ahmedabad expressed concerns that the industry will lose its competitive edge due to the existing 10% tariff and the postponed 27% tariff on exports to the U.S.
- The future of Surat's diamond trade remains uncertain and largely depends on ongoing U.S. Trade negotiations and decisions regarding these tariffs.
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Associated Press News+11 Reposted by 11 other sources
AP PHOTOS: Decades-old diamond industry in India’s Surat faces an uncertain future
SURAT, India (AP) — In a narrow street made narrower by rows of parked motorbikes, businessmen sitting cross-legged on the sidewalks or perched on the motorbikes, are conducting business with their clients.
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Total News Sources12
Leaning Left5Leaning Right0Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 45%
C 55%
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