Glimmer of Growth: Indian Diamond Industry Set to Sparkle with 6-7% Revenue Boost by 2026-27
Indian diamond polishers are projected to achieve a 6-7% revenue growth in FY27, following a reduction in US tariffs and stable domestic demand. The industry's rebound comes after years of decline, despite challenges from lab-grown diamonds and geopolitical tensions. Exports are expected to rise, driven by trade agreements and economic recovery.
- Country:
- India
The Indian diamond industry is set to shine brighter with a projected 6-7% increase in revenue for 2026-27, reaching USD 15.0-15.5 billion, as reported by Crisil Ratings. This rebound comes on the heels of a reduction in US tariffs and is supported by steady domestic demand.
The revival follows three consecutive years of revenue decline, with FY26 projected to see an 8-10% drop. However, increased exports to the US are expected due to the elimination of a 25% reciprocal tariff, alongside the impact of multiple trade agreements countering potential disruptions from the ongoing Middle East conflict.
Lab-grown diamonds pose a challenge, with their rising popularity, especially in smaller carat sizes impacting natural diamond prices. Yet, the demand for premium diamonds remains strong, and FY27 sees expectations of export volume growth driven by trade deals and economic resurgence in key markets like the US.
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