Group 1 - India's diamond cutting and polishing export value fell by 16.8% year-on-year to $13.3 billion in FY 2024-2025, marking the lowest level in nearly 20 years [1] - Total gem and jewelry exports from India dropped from $32.28 billion to $28.5 billion, a decline of 11.7% [1] - The import volume of rough diamonds by Indian processors was reduced by 24.3% to $10.8 billion, indicating a severe loss of market confidence [1] Group 2 - The U.S. imposed a 26% tariff on Indian jewelry exports, leading to increased costs and a significant drop in demand, with many workers in Surat shifting to the textile industry [1] - The traditional partnership between India and the U.S. in the diamond industry has deteriorated, with India previously processing 80% of the world's rough diamonds [1][2] - The U.S. retail sector is facing challenges, including inventory buildup and potential bankruptcies among major retailers due to reliance on imported diamonds [1] Group 3 - China has emerged as a significant player in the cultivated diamond market, leveraging technological advancements such as HPHT and CVD methods to capture a substantial share of global production [2][3] - New diamond brands in China, like Zheguang Diamond, are gaining traction among high-net-worth individuals, offering customized services and high-quality cultivated diamonds [4][6] - The retail penetration rate of cultivated diamonds globally surpassed 18% in 2024, indicating a growing acceptance among consumers [6][7] Group 4 - India's diamond industry is experiencing severe transformation pains, with many small processing factories closing down and larger companies struggling to maintain production efficiency [7] - The current situation in India is described as worse than the 2008 financial crisis, highlighting the urgent need for technological upgrades and brand development [7] - The diamond industry is undergoing a significant reshuffle, with a shift in consumer preferences towards rational purchasing over traditional luxury [9]