National News
Indian diamond industry faces continued struggles amid demand slump and tariff woes: ICRA
India’s cut and polished diamond (CPD) industry is set for another challenging fiscal year, with the recent report ICRA projecting a 7-10 per cent decline in exports in FY2026, following a 17% contraction in FY2025, weighed down by weak global demand and increasing competition from lab-grown diamonds (LGDs), the sector’s outlook remains negative.
India’s cut and polished diamond (CPD) industry is set for another challenging fiscal year, with the recent report ICRA projecting a 7-10 per cent decline in exports in FY2026, following a 17% contraction in FY2025, weighed down by weak global demand and increasing competition from lab-grown diamonds (LGDs), the sector’s outlook remains negative.
The report by ICRA indicates CPD exports fell to a 20-year low of USD 13.3 billion in FY2025, impacted by a global macroeconomic slowdown and a growing consumer preference for cheaper, ethically sourced LGDs. These now constitute 8% of polished diamond exports, up from just 1% in FY2019.
Additionally, the recent imposition of a 27 per cent reciprocal tariff by the US, a key market accounting for over a third of India’s CPD exports, adds further pressure. Although currently paused with a 10 per cent interim tariff, exporters remain wary. Many are rerouting shipments through low-tariff hubs like Dubai and Belgium to mitigate the impact.
ICRA’s report also highlights that operating profit margins for CPD firms fell by 400 basis points in FY2025 to approx. 4 per cent, with ICRA predicting a further dip to 3.6-3.7 per cent in FY2026. The working capital cycle also remains stretched, burdened by high inventory amid declining sales and cautious rough diamond procurement.
Meanwhile, prices for both rough and polished diamonds have dropped sharply, by 8 per cent and 7 per cent respectively in FY2025, while production cuts from miners like De Beers are expected to keep rough prices range-bound.
Despite minor optimism for a recovery in bridal jewellery demand in the US in H2 FY2026, sustained weakness in Chinese demand and intensifying LGD competition continue to cloud the outlook. The CPD industry may need to adapt more aggressively to shifting consumer trends and tariff realignments to regain momentum.
On the bottom line, ICRA says the credit profile of Indian CPD entities is expected to remain weak in FY2026, characterised by modest earnings and a continued stretched working cycle.
National News
Zoya Unveils Its Second Boutique In Bengaluru At The Leela Palace
Celebrating Craft and Meaning At Its 4th Boutique In South India and 13th In India
Zoya, India’s leading luxury jewellery brand and a landmark of quiet luxury, unveils its 13th boutique in India and its second in Bengaluru, with Amanpreet Ahluwalia, Business Head of Zoya from the Tata Group, leading the unveiling. Set within the Colonnade at The Leela Palace Bengaluru, the boutique redefines the experience as intimate, warm, and deeply meaningful. Unfolding like a poem, the boutique draws the unapologetically herself Zoya muse in, revealing itself slowly as she moves through the space, discovering stories expressed through soulful craft and exquisite jewellery.
Zoya means alive—and at the heart of the brand is the belief that every woman is on her own heroine’s journey. At the threshold, she is greeted by an enigmatic mural that captures this defining evolution. Zoya’s intricate yet minimal boutique becomes a space of her own, wrapped in hand-beaded wallpaper—a quiet expression of India’s artisanal pride and legacy. Lit by a handcrafted chandelier in banana fibre paper and organza, this gallery of wearable art gently invites her into her feminine journey. As she moves through the boutique, a quiet sense of belonging deepens.
The space is thoughtfully crafted to bring meaningful collections to life, softly revealing the stories each piece holds. In this gentle unfolding, a sense of boundlessness stirs within her. As she gazes at the Beyond collection—an inlay of diamonds and emerald-cut emeralds that move like the Indus River—it reminds her that she is a force of nature. At the Alive collection, she feels like a wildflower—wherever she stands, she blooms.
The bespoke wall draws her in, where gemstones and stories come together—each one-of-a-kind piece an ode to her uniqueness.
She steps into a more cocooned space, where the Zoya experience deepens. With a cup of freshly brewed coffee and delectable hors d’oeuvres in hand, she lingers, held in a moment of quiet indulgence, immersed in stories expressed through each collection in a space that feels like a quiet oasis.
Commenting on the boutique, Amanpreet Ahluwalia, Business Head of Zoya from the Tata Group, said:
“Our thirteenth boutique in India and our second in Bengaluru – and with each one, Zoya grows into a deeper expression of herself. At The Leela Palace, the space unfolds like a gallery of wearable art – where each piece is meant to be seen, felt, and experienced. The boutique is intentionally immersive and deeply personal, shaped by an instinctive warmth. We hope every woman who walks in finds her own pause here-a moment to slow down and return to herself”
Zoya Unveils Its Second Boutique In Bengaluru At The Leela Palace
Limelight Lab Grown Diamonds Reports Surge In First Time Buyers, Signaling New Akshaya Tritiya Trend!
Christie’s To Present 5.5 cts “Ocean Dream” At Geneva Magnificent Jewels Sale, Expected To Achieve Up To USD 12.8 Million
Zoya Unveils Its Second Boutique In Bengaluru At The Leela Palace
Limelight Lab Grown Diamonds Reports Surge In First Time Buyers, Signaling New Akshaya Tritiya Trend!
GJEPC Participates in High-Level Paris Roundtable on Kimberley Process Relevance
-
National News10 hours agoZoya Unveils Its Second Boutique In Bengaluru At The Leela Palace
-
National News1 day agoAKSHAYA TRITIYA 2026- Gold Exchange, Lightweight & Diamonds- How Akshaya Tritiya 2026 Rewrote The Festive Playbook
-
National News12 hours agoLimelight Lab Grown Diamonds Reports Surge In First Time Buyers, Signaling New Akshaya Tritiya Trend!
-
International News12 hours agoGJEPC Participates in High-Level Paris Roundtable on Kimberley Process Relevance
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.