US Tariffs Challenge Surat's Diamond Dominance

In a significant move, the United States implemented a 50% tariff on Indian diamond imports on Wednesday, stirring concerns within Surat's influential diamond industry. Despite the apprehension, stakeholders, buoyed by India's commanding 90% share of global diamond production, anticipate that the impact will be short-lived.

Jagdish Khunt, President of the Surat Diamond Association, expressed confidence that the effect will be temporary, highlighting that no other nation can compete with India's prowess in diamond cutting and polishing. As the industry braces for immediate challenges, there is consensus that the US will remain heavily reliant on India's diamond exports.

Jayesh Patel, a noted diamond manufacturer and trader, emphasized the evolving nature of global trade policies, acknowledging potential difficulties in US markets. However, he remained optimistic about prospects in Europe and Russia. Patel echoed a governmental stance on resilience, suggesting strategic diversification if tariffs endure, even as India's labor-intensive export sectors face hurdles.

(With inputs from agencies.)