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
PNG Jewellers Marks 25 Years Of Paud Road Store With ‘Choosing Gold’ Marathi Edition Launch By Actress Shreya Bugade
Launched Within Three Months Of The English Edition, The Marathi Memoir Was Unveiled In The Presence Of Actress Shreya Bugade At PNG Jewellers’ Paud Road Store.
Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, launched the Marathi edition of his debut memoir, Choosing Gold, in Pune, in the presence of popular Marathi actress Shreya Bugade. The Marathi edition comes just three months after the book’s English release in August 2026, bringing Dr Gadgil’s personal and professional journey closer to readers in his mother tongue. The launch took place at PNG Jewellers’ Paud Road store, which also celebrated 25 glorious years of serving customers and building lasting relationships in Pune.

Choosing Gold offers a deeply personal account of Dr. Gadgil’s journey as the sixth-generation custodian of PNG Jewellers, one of India’s oldest and most respected jewellery businesses with a legacy spanning 194 years. Originally published in English by Penguin Random House India in August 2026, the memoir reflects on the challenges, defining decisions and experiences that shaped his leadership and the evolution of the business. With the launch of its Marathi edition, this journey now reaches readers in a language closely connected to Dr. Gadgil’s upbringing, family and roots.
More than the story of a successful entrepreneur, Choosing Gold is an honest reflection on the responsibility of carrying forward a legacy while finding one’s own identity. Having taken over the leadership of PNG Jewellers, Dr. Gadgil navigated several defining moments that tested his conviction and shaped his outlook. The memoir revisits the lessons learned from setbacks, conversations with his grandfather and mother that stayed with him over the years, and personal experiences that influenced his decisions. It also offers insight into his approach to leading and transforming a nearly two-century-old family business while remaining rooted in the values on which it was built.
Speaking on the launch, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:

“Ever since the English edition of Choosing Gold was released, I had been eagerly looking forward to bringing the book to Marathi readers. Marathi is my mother tongue, and seeing my experiences, decisions and learnings reach readers in my own language is a moment of immense pride and happiness for me. Writing this book allowed me to revisit several moments in my life. Some decisions worked out, some did not, and the significance of a few became clear only years later. Each of these experiences has shaped the person I am today. My family’s values, the rich legacy of PNG Jewellers and the trust our customers have placed in us have all played an important role in this journey.
I am particularly happy that the Marathi edition will allow me to connect with readers in a more personal way. If even one experience from my journey helps someone approach a difficult decision with greater confidence, I would consider the purpose of this book fulfilled.”
Popular Marathi actress Shreya Bugade, who graced the occasion as the chief guest, said:
“It is truly an honour to be part of the launch of the Marathi edition of Dr. Saurabh Gadgil’s Choosing Gold. What makes this occasion even more special is that we are also celebrating 25 glorious years of PNG Jewellers’ Paud Road store. It is a double celebration, and I am delighted to be part of it.”

The launch of the Marathi edition marks another significant milestone in Dr. Gadgil’s journey as an author. Going beyond the world of business, the memoir explores leadership, family, relationships, responsibility and the importance of believing in one’s decisions. Its themes extend beyond entrepreneurs and business professionals, offering relatable experiences and reflections for readers navigating their own ambitions, challenges and choices.


The occasion also marked the silver jubilee of PNG Jewellers’ Paud Road store, celebrating 25 glorious years of customer trust and relationships. Over the past two and a half decades, the store has built a strong connection with generations of customers in the neighbourhood, making it an important part of PNG Jewellers’ journey in Pune.
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