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U.S. President Donald Trump鈥檚 new tariffs could be a major hit to India鈥檚 gemstone and jewelry industry, impacting exports and jobs, according to an by Reuters. The U.S. is one of India鈥檚 biggest markets for the sector, accounting for an estimated third of India鈥檚 total gem and jewellery exports in the financial year 2024-25.

Where the diamond and gems industry had previously attracted zero tariffs from the U.S., after Trump鈥檚 latest move, duties are rising to 26 percent. For other types of jewellery which had some preexisting duties on them, the 26 percent duty will be added on top. For example, tariffs on gold and platinum jewellery will now rise to 31-33 percent as silver jewellery increases to 31-39.5 percent and imitation jewellery to 26-37 percent.

This comes at a time when the diamonds and gems industry has already been experiencing a slowdown. According to media, this is partly due to a decline in demand from consumers in the key market of China, where an economic downturn has affected spending. Changing consumer interests as well as growing popularity for cheaper lab-made diamonds and falling marriage rates - and therefore interest in engagement rings - are also contributing to the decline.