DiamondBuzz
CRISIL RATINGS: Diamond Exports dip ~10% this fiscal as tariffs take effect
The 10% additional tariff levied by the US, which accounts for nearly a third of Indian natural diamond exports, will exacerbate the impact on Indian diamantaires from already-subdued demand and intensifying competition from lab-grown diamonds (LGDs), which closely resemble natural diamonds and cost much less. In the milieu, export revenues of diamantaires will decline ~8-10% in fiscal 2026.
That said, calibrated inventory management across the value chain will support realisations, thus helping reduce the decline in export revenues, and limit the erosion of operating margins, helping contain the players’ financial leverage and credit metrics.
A Crisil Ratings analysis of 43 diamantaires, accounting for nearly one-fourth of the industry revenues, indicates as much.
In fiscal 2025, the export volumes of natural diamonds remained constrained by lower demand from China and competition from LGD in the US. Although polishers pushed sales in the fourth quarter to avoid tariffs and price erosion was limited, revenues from natural diamond exports fell 17% to ~$13.3 billion.

Says Rahul Guha, Senior Director, Crisil Ratings, “This fiscal, realisations on natural diamonds are poised to rebound 3-4% amid limited inventory across the value chain as diamantaires are aligning their rough purchases with visibility in sales of polished diamonds. Additionally, production cuts by miners will curtail price erosion. This contrasts with LGD, whose prices may reduce from a tenth of the price of natural diamonds last fiscal to a twelfth in the current fiscal, resulting in a wider price gap between natural diamonds and LGD.”
The rising price gap, in turn, could shave a further 12-14% off natural diamond export volumes, marking a third consecutive year of weak demand after an aggregate degrowth of 32% in the last two fiscals. That will make it difficult for the natural diamond polishers to pass on any tariff-led price hikes to customers. For the record, India will remain the primary port of call for polishing diamonds.
Says Himank Sharma, Director, Crisil Ratings, “Natural diamond polishers, traditionally operating at thin margins of 4-5%, will have limited ability to absorb the tariff-induced price rise. As a result, miners and retailers may need to step in to absorb some of the price shocks. Consequently, we believe the operating margins of polishers may dip 20-30 basis points to 4.3-4.5% this fiscal.”

Credit profiles of diamantaires might witness some working capital respite as weak demand will lead to a further 5-7% cut in inventory levels across the value chain (after a 10-15% decline last fiscal). This will limit the need for debt-funded working capital, although receivables from export customers will remain monitorable amid tepid demand, geopolitical issues and global uncertainties.
As a result, diamantaires’ financial leverage – total outside liabilities to adjusted networth – and interest coverage will remain rangebound at ~0.8 time and ~2.5 times, respectively, this fiscal.
All said, slowing demand for natural diamonds in key geographies, intensifying competition from LGDs, potential revisions in tariffs and rising geopolitical tensions will bear watching.
DiamondBuzz
De Beers – The New Power Move: Why Natural Diamonds Are The Definitive Daily Essential For The Modern Indian Man
Natural Diamonds Are Emerging As the Ultimate Symbol Of Personal Style, Achievement, and Everyday Luxury For India’s Modern Male Consumer.
Masculine style in 2026 has a new focal point. The conversation around men’s jewellery has moved away from traditional ceremonial wear toward a more personal, everyday expression of identity. Whether it is a signature chain, a sculptural pendant, or a bold ring, natural diamonds have become the primary medium for this new aesthetic.
The data confirms this shift: recent industry research shows that 52% of acquired diamonds in India are now worn every day.
This cultural transformation is most visible where performance meets high-profile style. Indian cricketers are leading the charge, wearing natural diamonds both on and off the field as a mark of their personal journey and quiet confidence. From training sessions to post-match press conferences, icons like Suryakumar Yadav, Abhishek Sharma, and Hardik Pandya treat their bespoke diamond pieces as an extension of their professional “armour.”
This ease with luxury is mirrored globally; Formula 1 icons like Lewis Hamilton have long made natural diamonds central to their paddock style, while the red carpet has seen a surge in unconventional masculine styling. Recent appearances by Jay-Z, who wore a vintage diamond brooch at the collar, highlight that natural diamonds are a core part of the modern fashion vocabulary.
The primary driver of this shift is the Gen Z and Millennial male. Broadly the 18 to 38 age group, this demographic is urban, digitally fluent, and possesses a strong personal aesthetic. Gen Z alone now generates 51% of the total natural diamond market value in India, a 19% increase since 2022.
Most importantly, self-purchase is replacing gifting as the dominant entry point. Men are now research-driven and decisive, choosing to buy natural diamonds to mark professional achievements or simply to refine their daily personal brand.
While Tier 1 metros remain the primary base, aspiration is expanding rapidly into Tier 2 and Tier 3 cities. As high-income Indian households are forecast to grow by 16% through 2030, the male natural diamond consumer of tomorrow is younger, more stylistically confident, and far more willing to invest in himself.
This demand is also shaping a new design language. The lone solitaire stud is being replaced by architectural silhouettes, layered chains, chunky bracelets, and rings with clean, geometric lines. Princess and baguette cuts are increasingly preferred for their sharp, masculine appeal.
As we look toward the next decade, this momentum is only set to accelerate. What began as a styling choice on the cricket pitch has matured into a cultural standard of authenticity and permanence. For the modern Indian man, a natural diamond is more than a luxury, it is an enduring signature of his unique journey.
In an era of fleeting trends, this shift toward the rare and the timeless signals a future where masculinity is defined by a legacy that stays forever.
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