An Indian-origin couple in the UK has been sentenced for breaching a disqualification order, operating companies despite a ban imposed after tax fraud claims.
India will now face a lower reciprocal tariff of 10 per cent, down from 25 per cent, after US President Donald Trump announced a new global levy on items imported into America in the wake of the Supreme Court verdict against his sweeping duties on several nations.
'We will be able to anticipate the full picture of the impact after August, which is also the time when demand for a year begins to peak ahead of the December holidays and Valentine's Day.'
This could change the way diamonds are traded.
India's direct import of roughs was $767 million from Russia in 2013, a little less than five per cent of India's total import of roughs.
Despite various challenges, the past year was a good one, says Bruce Cleaver, chief executive officer of the De Beers Group, the global corporation that has been the leading one in all aspects of the diamond trade for over a century.
The USA's steep 50 per cent tariffs on Indian goods entering America will severely impact exports and job creation in labour-intensive export sectors such as shrimp, apparel, leather and gems and jewellery. Exporters said that the imposition of a 25 per cent penalty on India over and above the 25 per cent tariffs move will disrupt the flow of Indian goods to its largest export market.
There are around 6,500 diamond manufacturers of which Palanpuri Jains operate a mere 6 per cent, or around 400 companies. But they stand out for being highly interlinked through blood ties.
'That combination of a rising economy, a growing middle class, and a deepening love of diamonds and jewellery is what we see really doubling the market for diamonds over the next five years.'
'If you align your ambition with India's rise, the peak of your careers will unfold alongside the peak of India's power.'
On August 7, the US president announced doubling tariffs on Indian goods to 50 percent for India's purchases of Russian crude oil, but gave a 21-day window to negotiate an agreement.
The Enforcement Directorate (ED) has arrested an agent based in Uttar Pradesh for allegedly defrauding investors through the 'QFX' Ponzi scheme. The agent, Navab Hassan, has been remanded to ED custody for nine days. This is the second arrest in the case, which involves multiple FIRs across several states.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
India's mergers and acquisitions (M&A) activity cooled in the second quarter of 2025-26 (Q2FY26), with deal value falling to $26.26 billion from $29.04 billion a year ago, according to Bloomberg data.
Kannada actress Ranya Rao, along with businessman Tarun Raju and jewellery dealer Sahil Jain, had their judicial custody extended until April 21 in connection with a gold smuggling case. The trio is accused of orchestrating the illegal import of gold worth over Rs 12.56 crore from Dubai to India. The case came to light in March 2025 when Rao was apprehended at Bengaluru's Kempegowda International Airport with 14.8 kilograms of gold allegedly smuggled from Dubai. Investigations revealed her association with Vira Diamonds Trading, a Dubai-based firm she co-founded with Tarun Raju, which authorities allege was used as a front for smuggling operations. Raju was arrested following evidence of his involvement in purchasing gold in Dubai and facilitating its illegal transport to India. Jeweller Sahil Jain is suspected of assisting Ranya in selling approximately 49 kilograms of smuggled gold valued at over Rs 40 crore and managing hawala transactions.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
Senior officials of India and the US will begin three-day talks on the proposed bilateral trade agreement in New Delhi on Wednesday amid threats of reciprocal tariffs from the Trump-administration, an official said. To formally start the negotiations on the pact, Assistant US Trade Representative for South and Central Asia Brendan Lynch, along with a team of officials, is in New Delhi.
The Indian industry is paranoid about the USA's plan to impose reciprocal tariffs and wants early conclusion of a bilateral trade agreement, sources said on Wednesday. They said that the talks for the proposed bilateral trade agreement are going well.
India and the visiting US officials have decided to hold a wrap-up session on Saturday morning to conclude the three-day talks on the proposed bilateral trade agreement, government sources said. They said the discussions are at a "very" early stage.
Elihu Yale rose up the ranks of the East India Company to become governor of Madras and is the controversial benefactor after whom Yale University is named.
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
An unusually large pink diamond sold for a record-breaking $50 million (Rs 361 crore) on Tuesday at Christie's auction house in Geneva. Christie's said renowned jeweller Harry Winston was the buyer, saying it was a new world record price per carat for a pink diamond.
The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
Strong margins in the jewellery segment in Q4FY25, steady growth guidance for FY26 and expectations of outperformance in the organised jewellery sector boosted sentiment for the largest listed jewellery maker by market capitalisation, Titan Company. The stock was the highest gainer on the benchmark indices (Sensex as well as Nifty), rising 4.1-4.5 per cent at close on Friday, taking the total gains over the past month to about 12 per cent.
Nultiple regulators are probing the nexus of scamsters with diamonds after a state-run bank got defrauded of $1.8 billion by designer jeweller Nirav Modi.
Increasing cooperation in critical minerals will top Prime Minister Modi's agenda during his discussions with leaders of Ghana, Argentinia, Brazil and Namibia.
Rajesh Bhayani examines what SEBI's approval of diamond futures trading means for the diamond market players.
Here is a list of Q & As to explain these issues and implications of the US move.
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
'If there is any industry that is unfit for modern corporate form it is the diamond trade.' 'But no one was asking the right questions.' 'The music was playing and so the game was on,' says S Murlidharan, former MD, BNP Paribas.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
'We don't trade with any business where we have specific concerns,' a De Beers spokesperson said.
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
'We need to see how quickly the industry comes out of the impact of the note ban.'
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