Emerald Silver proudly unveiled a resplendent collection  at SSI – 3^RD Edition Mumbai that transcends mere ornamentation—an ode to timeless artistry and exquisite craftsmanship. This opulent showcase presents a mesmerizing array of handcrafted marvels, each piece meticulously designed to reflect both cultural heritage and contemporary sophistication

At the heart of the collection lies an exquisite assortment of fine jewellery, blending tradition with modern elegance.. Adding rhythmic charm to the ensemble are the payals (anklets)—ethereal creations that dance with every step. Emerald Silver’s collection also pays homage to spirituality through a series of divine idols—finely sculpted representations of revered deities, each imbued with sacred energy and artistic brilliance. Made from lustrous silver and finished with careful engraving, these idols serve as both devotional symbols and treasured heirlooms, perfect for pooja altars or auspicious gifting.

For those seeking the perfect present, the collection includes a variety of enchanting gifting pieces, thoughtfully curated to mark life’s special momentsAnd beyond these highlights lies even more: home decor accents, customized collectibles, and bespoke creations tailored for connoisseurs of fine silverware. Every article in the Emerald Silver collection stands as a radiant example of superior artisanship, reflecting a legacy where elegance, devotion, and excellence meet.

In essence, Emerald Silver’s latest offering is more than a collection—it is an immersive journey into a world where tradition meets luxury, and every piece tells a story of timeless beauty.

Voice of Silver unveiled its ultra-lightweight 925 silver collection at the SSI -3rd Edition  in Mumbai, featuring intricately crafted lamps, bowls, flower baskets, chambus, and kalash. A highlight of the event was the special launch of a Siddhivinayak statue—an exquisite replica of the iconic idol from Mumbai’s Siddhivinayak Temple

The imposition of a steep 26% tariff on Indian diamond exports to the United States, announced under former U.S. President Donald Trump’s “reciprocal trade” strategy, has delivered a fresh blow to Surat’s already embattled diamond industry. Just as the sector was showing tentative signs of recovery from prolonged recessionary trends, this abrupt policy shift has thrown global trade dynamics into disarray—threatening livelihoods, export volumes, and India’s global dominance in the gems and jewellery market.

As the global hub for diamond cutting and polishing, Surat processes over 90% of the world’s diamonds, with the U.S. being its largest consumer market. Of the $32.85 billion worth of gems and jewellery exported from India in FY 2023-24, over 30% went to the U.S., amounting to nearly $10 billion. A significant portion of these exports—ranging from cut and polished natural diamonds to lab-grown alternatives—will now be subjected to high tariffs that fundamentally alter their market competitiveness.

Previously, exports to the U.S. incurred zero tariffs. With natural diamonds now taxed at 26% and lab-grown diamonds at 29%, the sudden surge in costs threatens to erode already razor-thin margins, as acknowledged by Babu Vaghani, President of the Lab Grown Diamond Association (LGDA). Exporters may be forced to raise prices or absorb the additional costs, both of which are unsustainable.

The impact is not merely hypothetical. As Dinesh Navadiya of the GJEPC (Gem & Jewellery Export Promotion Council) noted, while demand for diamonds in the U.S. is culturally entrenched, a steep price rise is likely to delay purchases in the short term. Projections that India’s exports to the U.S. would reach $11.58 billion in FY 2024-25 now appear overly optimistic.

The profit margin for exporters often hovers around 25–30%. With tariffs nearly equalling the margin, companies are facing a critical inflection point: either pull back from U.S. markets or find ways to offset the cost elsewhere. According to Laljibhai Patel, head of Dharmanandan Diamonds, this new cost burden, combined with existing logistics and insurance expenses (6%), makes Indian goods substantially less competitive than those from untaxed geographies.

Ironically, the tariff also disrupts one of the few bright spots in India’s jewellery export landscape—lab-grown diamonds (LGDs). With their appeal rooted in affordability, sustainability, and innovation, LGDs were driving diversification in export profiles and attracting younger global consumers. Now, with a 29% duty, even this emergent segment faces severe headwinds.

Surat, already a leading global centre for LGD production and export, was banking on this segment to anchor future growth. The tariff threatens to derail momentum just as the sector was scaling operations, investing in technology (e.g., CVD), and securing global buyers.

Industry Reaction: A State of Suspended Activity

The fallout has been swift– buying activity has halted in both the U.S. and Surat. Rough diamond purchases have stalled as exporters and traders enter a “wait-and-watch” mode, uncertain of how long the tariff will last or whether any diplomatic resolution is forthcoming.

While some remain hopeful that the strong diplomatic relationship between India and the U.S.—especially between Trump and Prime Minister Narendra Modi—could facilitate a rollback or exemption, policy clarity is urgently needed.

Broader Implications and Strategic Considerations

This development also raises larger questions about India’s trade resilience and diversification strategy:

• Can India reduce its overreliance on the U.S. by diversifying its jewellery export markets to Europe, the Middle East, or Southeast Asia?
• Will this tariff act as a catalyst for greater domestic demand or intra-Asian trade in diamonds and jewellery?
• Should India now accelerate investment in branding, design, and retail innovation to justify premium pricing abroad?

In the immediate term, the industry needs governmental intervention—be it through bilateral negotiations, export incentives, or subsidies for MSMEs in the diamond supply chain—to stay competitive.

Conclusion: A Wake-Up Call for the Industry

Trump’s tariff policy may have been designed with strategic trade balancing in mind, but its unintended consequence is the destabilisation of a crucial export sector in India. Surat’s diamond industry, already walking a tightrope, now finds itself in urgent need of policy support, market reorientation, and adaptive innovation.

Despite high gold prices, demand remains steady in Asian countries like India. Similarly, diamonds are culturally important in the US, but a sudden price rise due to tariffs is expected to reduce short-term purchases. In 2023-24, India’s gem and jewellery exports to the US totalled $9.95 billion (~₹86, 157.79 crore). However, the hope that this figure would rise to $11.58 billion (~₹1 lakh crore) in 2024-25 now seems bleak. That said, there remains a possibility of market stabilisation in the future.

-Dinesh Navadiya, regional chairman of the Gem and Jewellery Export Promotion Council (GJEPC)