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Jewellery

Export cut and polished diamonds

India's largest gem export, polished in Surat; Hong Kong, the UAE, the USA and Belgium are the main buyers.

Free to exportHS 7102.39
HS code
7102.39
Non-industrial diamonds, cut or otherwise worked but not mounted or set (HS 7102 39). Rough diamonds are 7102 31; lab-grown diamonds are HS 7104.
Export policy
Free to export
Cut and polished diamonds are free to export. Rough diamonds can be imported or exported only with a Kimberley Process certificate, which GJEPC issues in India. Confirm the line on DGFT.
Registrations
3
IEC, GST and those below
India’s exports, 2025-26
US$ 12.1 bn
to 84 countries

What is exported

Surat cuts and polishes imported rough diamonds, and Mumbai's Bharat Diamond Bourse trades them worldwide. In 2025-26 India exported about US$ 12.1 billion of cut and polished diamonds (HS 7102 39); Hong Kong took the largest share, followed by the UAE, the USA, Belgium and Israel (Commerce Department data).

Varieties, grades and forms

  • Small and melee diamondsTiny polished stones used in jewellery settings — the base of Surat's volume.
  • Certified solitairesLarger stones sold with a grading report on the 4Cs (carat, colour, clarity, cut).
  • Fancy shapesOval, pear, princess, cushion, emerald and marquise cuts.
  • Fancy-coloured diamondsNatural yellow, brown and other colours — a small, high-value niche.

Where it is grown or made

  • GujaratSurat (cutting and polishing; Surat Diamond Bourse), Navsari, Bhavnagar and Ahmedabad
  • MaharashtraMumbai — trading and export at the Bharat Diamond Bourse, Bandra-Kurla Complex
  • Madhya PradeshPanna — India's diamond mining area (Panna Diamond GI)

Export packing

  • Stones are graded into parcels (by size, colour and clarity) in folded diamond papers, sealed and listed on a parcel sheet with carat weight.
  • Parcels travel by insured air courier or valuable-cargo handlers, cleared through the Bharat Diamond Bourse customs or SEEPZ.
  • Every invoice carries the World Diamond Council System of Warranties statement that the diamonds are conflict-free.

Who buys abroad

  • Diamond dealers in Hong Kong, Antwerp, Dubai, Ramat Gan and New York
  • Jewellery manufacturers
  • Jewellery retail chains (direct buying)

The quality buyers ask for

Carat weight
Weighed to two decimal places (1 carat = 0.2 g); melee sold by parcel weight
Colour
D (colourless) to Z on the GIA scale; fancy colours graded separately
Clarity
FL/IF, VVS, VS, SI, I grades by inclusions seen at 10× magnification
Cut, polish and symmetry
Excellent to poor; proportions measured on a scanner
Natural origin
Screened on approved devices to confirm the stone is natural, not lab-grown or treated

Certificates

  • Kimberley Process Certificate (for rough)RequiredEvery import or export of rough diamonds needs a KP certificate; in India GJEPC issues them. Polished stones do not need one, but the rough you bought must have come in under KP.
  • World Diamond Council System of Warranties statementRequiredA conflict-free declaration printed on every invoice when diamonds change hands.
  • Grading report (GIA, IGI, HRD or similar)Often askedExpected for solitaires; not needed for melee parcels.
  • Responsible Jewellery Council (RJC) certificationOften askedAsked for by large retailers and brands.

Shipping, storage and shelf life

Container load

Small sealed parcels; no containers. Shipped as valuable cargo.

How it travels

Air only, through insured valuable-cargo carriers, cleared at the Bharat Diamond Bourse customs, SEEPZ, Surat Diamond Bourse or the airport.

Storage

Vaults with insurance cover; no shelf-life limit.

What goes on the pack and carton

  • Parcel papers and invoice: carat weight, number of stones, shape, colour and clarity range.
  • The word "natural" may be used only for mined diamonds; treated stones must be disclosed (US FTC Jewelry Guides, 16 CFR Part 23).
  • System of Warranties statement on every invoice.
Where to get it tested

GJEPC runs gem-testing laboratories (including in Jaipur) and the India Diamond Institute in Surat trains graders. International labs such as GIA, IGI and HRD have grading labs in Mumbai and Surat. For screening natural versus lab-grown, use devices tested under industry programmes and ask the buyer which reports they accept.

Benefits of exporting this product

Where to register

  • GJEPC (Gem & Jewellery Export Promotion Council)RCMC for cut and polished diamonds; GJEPC is also the Kimberley Process authority for rough diamonds.gjepc.org ↗

Quality and checks

  • Every invoice carries the World Diamond Council System of Warranties statement (conflict-free).
  • Parcels must be screened so that no lab-grown or treated stone is mixed in; buyers test on arrival.
  • Larger stones are sold with a grading report on the 4Cs.
How to start small

Most newcomers start as traders at the Bharat Diamond Bourse or Surat Diamond Bourse, buying polished parcels and selling to overseas dealers on approval or consignment. Join GJEPC, learn grading, and screen every parcel.

Where new exporters go wrong

  • Undisclosed lab-grown stones in a natural parcel — reputational damage and legal claims.
  • Selling on long credit to unknown dealers.
  • Buying rough without valid Kimberley Process papers.

Documents this product needs

Schemes that apply

Sources (5)
  1. Department of Commerce, Export Import Data Bank — India's exports of HS 7102 39 by country, 2025-26
  2. DGFT — Appendix 2T: Export Promotion Councils and the products under each
  3. DGFT — ITC(HS) export policy search (Schedule 2)
  4. GJEPC (Gem & Jewellery Export Promotion Council) — official site
  5. Kimberley Process — official site (rough diamond certification scheme)

Trade data

Indian cut and polished diamonds exports in numbers

From the Department of Commerce’s TradeStat, country by country. US$, Indian financial years (April–March).

Exports in 2025-26
US$ 12.1 bn
-6.1% a year on average, 2020-21 to 2025-26
Change from 2024-25
↓ -8.7%
US$ 13.3 bn → US$ 12.1 bn
Buyer countries
84
Average export price
US$ 791.95
per kg · 15,296 tonnes shipped · US$ 811.47 the year before
Hong Kong: US$ 4.03 bnUnited Arab Emirates: US$ 2.48 bnUnited States of America: US$ 1.86 bnBelgium: US$ 1.39 bnIsrael: US$ 551 mnThailand: US$ 385 mnJapan: US$ 149 mnCanada: US$ 146 mnUnited Kingdom: US$ 144 mnMexico: US$ 129 mnSwitzerland: US$ 104 mnFrance: US$ 89.9 mnAustralia: US$ 84.3 mnItaly: US$ 68.2 mnTürkiye: US$ 59.9 mnNetherlands: US$ 49.9 mnGermany: US$ 34.9 mnSri Lanka: US$ 29.2 mnSingapore: US$ 27 mnChina: US$ 24.8 mnOman: US$ 18.8 mnSaudi Arabia: US$ 14.2 mnSouth Korea: US$ 12.6 mnSouth Africa: US$ 11.9 mnHong Kong: US$ 4.03 bnHong KongUnited Arab Emirates: US$ 2.48 bnUnited Arab EmiratesUnited States of America: US$ 1.86 bnUnited States of AmericaBelgium: US$ 1.39 bnBelgiumIsrael: US$ 551 mnIsraelThailand: US$ 385 mnThailandJapan: US$ 149 mnCanada: US$ 146 mnUnited Kingdom: US$ 144 mnMexico: US$ 129 mnSwitzerland: US$ 104 mnFrance: US$ 89.9 mnAustralia: US$ 84.3 mnItaly: US$ 68.2 mnTürkiye: US$ 59.9 mnNetherlands: US$ 49.9 mnGermany: US$ 34.9 mnSri Lanka: US$ 29.2 mnSingapore: US$ 27 mnChina: US$ 24.8 mnOman: US$ 18.8 mnSaudi Arabia: US$ 14.2 mnSouth Korea: US$ 12.6 mnSouth Africa: US$ 11.9 mnIndia
Where Indian cut and polished diamonds goes — among our 80 countries, 2025-26
2020-21: US$ 16.6 bn17k2020-212021-22: US$ 24.4 bn24k2021-222022-23: US$ 22 bn22k2022-232023-24: US$ 15.9 bn16k2023-242024-25: US$ 13.3 bn13k2024-252025-26: US$ 12.1 bn12k2025-26
India’s cut and polished diamonds exports, year by year · US$ million

The price cycle

India’s average export price per kg each year (total value ÷ total quantity). Highest in 2022-23, lowest in 2020-21 — a 14% swing between them. Keep this swing in mind when you quote.

2020-21: US$ 737.21 per kg737.212021-22: US$ 788.41 per kg2022-23: US$ 839.98 per kg839.982024-25: US$ 811.47 per kg2025-26: US$ 791.95 per kg791.952020-212021-222022-232023-242024-252025-26
Average export price of Indian cut and polished diamonds · US$ per kg · dotted = year in between not available

What next: a projection from the trend

The past trend carried forward — not a forecast by any authority. Sudden changes in policy, prices or demand are not in it.

2020-21: US$ 16.6 bn2020-212021-22: US$ 24.4 bn2021-222022-23: US$ 22 bn2022-232023-24: US$ 15.9 bn2023-242024-25: US$ 13.3 bn2024-252025-26: US$ 12.1 bn2025-262026-27: US$ 11.6 bn (US$ 8.68 bn – US$ 15.5 bn)12k2026-272027-28: US$ 10.4 bn (US$ 7.55 bn – US$ 14.5 bn)10k2027-28
India’s cut and polished diamonds exports and projection · hollow bars = projection, line = likely range
By 2027-28: US$ 10.4 bn

Likely range US$ 7.55 bn to US$ 14.5 bn.

Trend
-10.1% a year
Fit (R²)
0.52
Based on
6 years of official figures

Method: a straight line through the logarithm of yearly exports (log-linear regression); range = ±1 standard error.

Biggest buyer countries

By value in 2025-26. Change is against 2024-25.

Name2025-26Change
1Hong KongUS$ 4.03 bn+25.3%
2United Arab EmiratesUS$ 2.48 bn+52%
3United States of AmericaUS$ 1.86 bn-62.1%
4BelgiumUS$ 1.39 bn+4.7%
5IsraelUS$ 551 mn+0.6%
6ThailandUS$ 385 mn+7.1%
7JapanUS$ 149 mn-8.9%
8CanadaUS$ 146 mn+318.5%
9United KingdomUS$ 144 mn-12.3%
10MexicoUS$ 129 mn+16,681.8%
11SwitzerlandUS$ 104 mn-32.7%
12BotswanaUS$ 95.6 mn-26.1%

Where demand is rising and falling

Only countries that buy at least US$ 1 million or 1% of India’s exports of this product. Change from 2024-25 to 2025-26.

High demand

  1. MexicoUS$ 770k → US$ 129 mn+16,681.8%
  2. CanadaUS$ 35 mn → US$ 146 mn+318.5%
  3. United Arab EmiratesUS$ 1.63 bn → US$ 2.48 bn+52%
  4. Hong KongUS$ 3.22 bn → US$ 4.03 bn+25.3%

Low demand

  1. United States of AmericaUS$ 4.9 bn → US$ 1.86 bn-62.1%
  2. SwitzerlandUS$ 155 mn → US$ 104 mn-32.7%
  3. BotswanaUS$ 129 mn → US$ 95.6 mn-26.1%
  4. United KingdomUS$ 165 mn → US$ 144 mn-12.3%

Which forms sell, and at what price

India’s exports by 8-digit tariff line, 2025-26. Average price = total value ÷ total quantity (TradeStat): the average of every shipment on that line, not the price of any one deal.

Tariff lineValue 2025-26ChangeQuantityAverage price
Diamond(other thn indstrl diamond)cut or otherwise worked but not mounted or set7102 39 10 · Diamonds, non-industrial,, but not mounted or setUS$ 12.1 bn-8.7%15.3 mn ctmUS$ 792.86 was US$ 811.86
Others-of-others-of-diamonds, whether or not worked, but notmounted or set7102 39 90 · Diamonds, non-industrial,, but not mounted or setUS$ 40k+33.3%18k ctmUS$ 2.27 was US$ 3.80

The world market

Each country’s own recorded exports and imports in UN Comtrade, 2023 (the latest year nearly every country has reported).

World imports
US$ 73.4 bn
2023
India among exporters
#1
of 65 countries
India’s share of world exports
22.8%
US$ 17.3 bn
Left for others to win
US$ 58.6 bn
exported by other countries

Top exporters — your competitors

  1. 1IndiaUS$ 17.3 bn 22.8%
  2. 2USAUS$ 16.7 bn 21.9%
  3. 3China, Hong Kong SARUS$ 13.5 bn 17.8%
  4. 4United Arab EmiratesUS$ 7.66 bn 10.1%
  5. 5IsraelUS$ 6.43 bn 8.5%
  6. 6BelgiumUS$ 4.52 bn 6%
  7. 7ChinaUS$ 1.73 bn 2.3%
  8. 8SwitzerlandUS$ 1.42 bn 1.9%
  9. 9ThailandUS$ 1.32 bn 1.7%
  10. 10BotswanaUS$ 1.1 bn 1.5%

Biggest buyers in the world

  1. 1USAUS$ 18.8 bn 25.6%
  2. 2China, Hong Kong SARUS$ 14.6 bn 19.9%
  3. 3United Arab EmiratesUS$ 9.23 bn 12.6%
  4. 4IndiaUS$ 7.65 bn 10.4%
  5. 5ChinaUS$ 5.57 bn 7.6%
  6. 6BelgiumUS$ 3.56 bn 4.8%
  7. 7IsraelUS$ 3.37 bn 4.6%
  8. 8SwitzerlandUS$ 2.07 bn 2.8%
  9. 9ThailandUS$ 1.72 bn 2.3%
  10. 10FranceUS$ 1.17 bn 1.6%

Opportunity: what these countries buy from the world, and from India

Each country’s own recorded imports in UN Comtrade, latest year it has reported. The long light part of each bar is demand other countries are filling today.

United States of AmericaUS$ 15.2 bnIndia 45.7% · gap US$ 8.23 bn
United Arab EmiratesUS$ 9.23 bnIndia 44.8% · gap US$ 5.1 bn
ChinaUS$ 3.59 bnIndia 20.7% · gap US$ 2.85 bn
United KingdomUS$ 953 mnIndia 19.4% · gap US$ 769 mn
FranceUS$ 885 mnIndia 22% · gap US$ 690 mn
ItalyUS$ 707 mnIndia 17.6% · gap US$ 583 mn
JapanUS$ 593 mnIndia 58.8% · gap US$ 244 mn
AustraliaUS$ 394 mnIndia 40.9% · gap US$ 233 mn
VietnamUS$ 611 mnIndia 66% · gap US$ 208 mn
SingaporeUS$ 215 mnIndia 29.2% · gap US$ 152 mn

TradeStat’s 2023-24 quantities are double-counted, so that year is left out of the price. Sources: TradeStat — Export Import Data Bank, Department of Commerce · UN Comtrade database (United Nations Statistics Division) · Figures taken 29 October 2026.

Step by step

How to export cut and polished diamonds

India cuts and polishes the large majority of the world's diamonds by number of stones, mostly in Surat, and trades them through Mumbai's Bharat Diamond Bourse. Rough diamonds are imported from Belgium, the UAE and mining countries, polished, and re-exported to Hong Kong, the UAE, the USA and Belgium. Competitors are smaller cutting centres in China, Israel and Belgium. Demand depends on US and Chinese jewellery sales and has been hit by the rise of lab-grown diamonds, so buyers increasingly want proof that a stone is natural and traceable. Openings are in certified natural stones with origin information and in fancy shapes and sizes.

  1. 01Join GJEPC

    Take the GJEPC RCMC; it is also the Kimberley Process authority for rough imports.

  2. 02Buy rough with KP papers

    Import rough only with a Kimberley Process certificate, or buy from a registered dealer.

  3. 03Plan, cut and polish

    Use planning scanners to get the best yield; keep job-work records if units outside cut for you.

  4. 04Screen and grade

    Screen every parcel for lab-grown stones; send larger stones for grading reports.

  5. 05Find buyers

    Sell through the bourses, GJEPC fairs and on consignment to established dealers abroad.

  6. 06Export through customs at the bourse or SEEPZ

    File the shipping bill with carat and value details; customs appraisers may check the parcel.

  7. 07Get paid safely

    Use an LC or documents against payment with new buyers, take ECGC cover for open-account sales, and close the export with an e-BRC once the money arrives.

Meet buyers

Trade fairs

Questions

Questions about exporting cut and polished diamonds

Do polished diamonds need a Kimberley Process certificate?
No. KP certificates are for rough diamonds. Polished exports carry the System of Warranties statement instead.
Is there any export incentive?
RoDTEP is a token 0.01% and drawback is Nil. The real support is duty-free import of rough and working from an SEZ or under Chapter 4 of the Foreign Trade Policy.
Can I send diamonds on consignment?
Yes, the Foreign Trade Policy allows consignment exports of cut and polished diamonds, with time limits for sale or return — check Chapter 4 of the Handbook of Procedures.
What if a lab-grown stone slips into my parcel?
It is treated as misrepresentation and can end a business relationship. Screen every parcel and keep separate stock.
Where are most diamonds sold?
In 2025-26 Hong Kong, the UAE, the USA and Belgium were the largest destinations for India's cut diamonds (Commerce Department data).
Sources (6)
  1. GJEPC (Gem & Jewellery Export Promotion Council) — official site
  2. Kimberley Process — official site (rough diamond certification scheme)
  3. eCFR — 16 CFR Part 23, FTC Guides for the jewelry, precious metals and pewter industries
  4. DGFT — Appendix 4R, RoDTEP schedule for DTA exports w.e.f. 10.10.2024 (Notification 32/2024-25); rates continued to 31.12.2026 by Notification 41/2026-27
  5. Gazette of India — Notification 77/2023-Customs (N.T.) dated 20.10.2023: All Industry Rates of duty drawback
  6. Department of Commerce, Export Import Data Bank — India's exports of HS 7102 39 by country, 2025-26

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