Indian cut & polished diamonds exports to decline by 7%-10% in FY26: ICRA

ICRA anticipates a further 7-10% decline in Indian cut & polished diamond exports in FY2026, reaching approximately $12 billion, following a 20-year low in FY2025. This downturn is attributed to weakened US demand and potential US tariffs. The sector's negative outlook persists due to increasing competition from lab-grown diamonds and squeezed profit margins for CPD companies.