India Diamonds Import Market -- HS 7102 Trade Data & Price Trend (Q1 2025)

India Diamonds Import (HS 7102) Key Takeaways

India’s diamonds import under HS code 7102 surged to $5.8 billion in Q1 2025, driven by a March spike as traders stockpiled ahead of U.S. tariff hikes. The market hinges on unworked, bulk diamonds (71023100), with high-value worked stones commanding premium prices. Supplier concentration is stark, with top players controlling 68% of import value, while the UAE dominates rough diamond supply, creating geopolitical risk. This analysis, covering Q1 2025, is based on processed Customs data from the yTrade database.

India Diamonds Import (HS 7102) Background

What is HS Code 7102?

HS Code 7102 covers Diamonds, whether or not worked, but not mounted or set, including both natural and lab-grown variants. These diamonds are critical inputs for jewelry manufacturing, industrial tools, and high-precision cutting applications, driving consistent global demand. India’s role as a key processing hub for rough diamonds further underscores the importance of this HS code in international trade.

Current Context and Strategic Position

In Q1 2025, India’s diamond imports faced heightened scrutiny amid global trade tensions, including U.S. reciprocal tariffs impacting gem and jewelry exports under HS 7102 [blog.intoglo.com]. While no new import policies were introduced, India’s 10% basic customs duty on cut diamonds and ongoing geopolitical shifts necessitate vigilance for traders [eximguru.com]. India’s dominance in diamond processing and re-export makes hs code 7102 trade data a barometer for global gemstone flows, requiring close monitoring of tariff shifts and supply chain dynamics.

India Diamonds Import (HS 7102) Price Trend

Key Observations

India's diamond imports under HS code 7102 opened 2025 with a strong first quarter, totaling $5.8 billion. This performance was driven by a sharp rebound in March, when import value surged to $2.92 billion.

Price and Volume Dynamics

The India Diamonds Import trend showed significant month-to-month volatility during the quarter. After a solid start at $1.5 billion in January, values dipped to $1.38 billion in February before more than doubling in March. This sequential surge aligns with industry stockpiling behavior ahead of anticipated policy changes. The hs code 7102 value trend demonstrates how diamond traders actively managed inventory flows in response to shifting trade conditions.

External Context and Outlook

The March import spike appears directly linked to new U.S. trade policy. In August 2025, President Trump implemented 25% reciprocal tariffs on Indian imports [blog.intoglo.com], creating urgent incentive for Indian diamond importers to secure inventory before potential cost increases took effect. This policy shift explains the exceptional Q1 volatility, as traders rushed to build stocks before facing higher import duties. Looking ahead, the market will likely normalize at lower levels as these one-time inventory adjustments conclude.

India Diamonds Import (HS 7102) HS Code Breakdown

Product Specialization and Concentration

In Q1 2025, India's import under HS Code 7102 is heavily concentrated in non-industrial, unworked diamonds, specifically under sub-code 71023100, which accounts for over half the total import value. According to yTrade data, this category saw 3.13 billion USD in imports with a unit price of 120.07 USD per unit, indicating a focus on raw, bulk diamond trade. The high value share despite lower unit prices compared to worked diamonds underscores India's role in sourcing unprocessed stones for further handling.

Value-Chain Structure and Grade Analysis

The import structure for HS Code 7102 trade data reveals three main groups: unworked non-industrial diamonds (like 71023100), worked non-industrial diamonds (such as 71023910 with higher unit prices around 1317.88 USD per unit), and industrial diamonds (including 71022120 and others with lower unit prices under 10 USD per unit). This segmentation shows a trade in differentiated goods based on cut and quality, rather than fungible commodities, with clear value-add stages from raw to polished stones.

Strategic Implication and Pricing Power

For market players, pricing power lies with importers of worked non-industrial diamonds due to their high value, but costs are influenced by existing import duties and global trade tensions. [Global Trade Alert] reports a 2.5% duty hike from 2018 still in effect, potentially squeezing margins. Strategic focus should be on securing high-grade, worked diamonds to maximize returns amid these cost pressures.

Check Detailed HS Code 7102 Breakdown

India Diamonds Import (HS 7102) Origin Countries

Geographic Concentration and Dominant Role

India's diamond imports in Q1 2025 show two key origins. India itself is the dominant source by value (27.55% share) and shipment frequency (61.45% share). The United Arab Emirates is the leading source by quantity, supplying 47.10% of the total volume. The large gap between India's high value share and its low quantity share (2.17%) points to a trade in high-value, finished diamonds. Conversely, the UAE's massive quantity share paired with a lower value share (26.45%) indicates it is the primary source for bulk, rough diamonds.

Origin Countries Clusters and Underlying Causes

The top partners form three clear clusters. The High-Yield cluster includes India and China Hongkong, where high value shares come from low volumes, signaling trade in premium, cut and polished stones. The Volume/Hub cluster is led by the UAE and includes Angola, Botswana, Canada, and Russia; these countries ship large quantities of rough diamonds for processing. The Transactional cluster contains the United States and Belgium, characterized by a higher frequency of shipments, which suggests a steady flow of smaller, perhaps specialty orders.

Forward Strategy and Supply Chain Implications

India's diamond import strategy has a critical dependency on the UAE for raw material supply. This reliance on a single major source for rough diamonds creates a supply chain vulnerability to any geopolitical or trade disruptions in the Gulf region. The high volume of trade from India itself is classified as returned goods and re-imports, likely representing polished diamonds being sent back after overseas processing or certification. For stable long-term growth, Indian importers should actively work to diversify their sources of rough diamonds beyond the UAE to mitigate potential risks.

Table: India Diamonds (HS 7102) Top Origin Countries (Source: yTrade)

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India Diamonds (HS 7102) Suppliers Analysis

Supplier Concentration and Dominance

In Q1 2025, the India diamonds import market showed strong supplier concentration. According to yTrade data, a small group of suppliers handling high-value and high-frequency transactions dominated, accounting for 68.21% of the total import value. These India diamonds import suppliers typically engage in numerous deals, representing 63.61% of all transactions, but with moderate quantity shares, suggesting a focus on premium or processed goods rather than bulk raw materials.

Strategic Supplier Clusters and Trade Role

The remaining supplier groups include those with high value but low frequency, who contribute significantly to quantity (57.92%) but fewer transactions, and others with low value and varying frequency. The dominant cluster's representative companies, such as H.K IMPEX PVT. LTD, indicate an intermediated market, where trading firms act as key agents. This profile of HS code 7102 suppliers highlights a mix of regular high-value players and occasional bulk handlers, shaping a trade environment driven by specialized intermediaries rather than direct manufacturers.

Sourcing Strategy and Vulnerability

For Indian importers, the strategy should prioritize building stable relationships with high-frequency suppliers to ensure consistent supply, while monitoring the high-value, low-frequency group for bulk opportunities. However, vulnerability arises from external tariffs, such as the U.S. reciprocal tariffs mentioned in Global Trade Alert, which could increase costs and disrupt trade flows. This structure suggests a need for diversified sourcing to mitigate risks from policy changes.

Table: India Diamonds (HS 7102) Top Suppliers List (Source: yTrade)

Check Full Diamonds Supplier lists

Action Plan for Diamonds Market Operation and Expansion

Strategic Supply Chain Overview

India's diamonds import market is a high-value processing hub. Price is driven by diamond quality and geopolitical risk. The HS code 7102 trade data shows a clear split: high-value polished stones and bulk rough diamonds. This creates a diamonds supply chain that is specialized but vulnerable.

The market relies heavily on the UAE for raw material supply. This creates a major supply security risk. Any trade disruption directly threatens India's processing role. The current import duty structure also squeezes margins on finished goods.

Action Plan: Data-Driven Steps for Diamonds Market Execution and Expansion

• Use HS code 7102 trade data to identify and contract high-frequency suppliers. This ensures a consistent supply of premium goods and protects against shipment delays.
• Analyze shipment data from the UAE to forecast rough diamond price volatility. This allows for better inventory cost management and protects against sudden price spikes.
• Diversify your sourcing portfolio by adding suppliers from the Volume/Hub cluster like Botswana or Canada. This reduces over-reliance on a single geographic region and mitigates supply chain disruption.
• Track the unit price trends for worked diamonds (71023910) to target high-margin sales. This focuses your capital on the most profitable product segment and maximizes return on investment.

Take Action Now —— Explore India Diamonds Import Data

Frequently Asked Questions

Q1. What is driving the recent changes in India Diamonds Import 2025 Q1?

India's diamond imports surged to $5.8 billion in Q1 2025, driven by a March spike ($2.92 billion) as traders stockpiled ahead of anticipated U.S. tariff hikes. The volatility reflects strategic inventory adjustments to mitigate future cost pressures.

Q2. Who are the main origin countries of India Diamonds (HS Code 7102) 2025 Q1?

India itself (27.55% by value) and the UAE (26.45% by value) dominate, with the UAE supplying 47.10% of total volume. These origins reflect trade in high-value polished stones (India) and bulk rough diamonds (UAE).

Q3. Why does the unit price differ across origin countries of India Diamonds Import?

Price differences stem from product grade: unworked diamonds (e.g., 71023100 at $120.07/unit) are cheaper than worked diamonds (e.g., 71023910 at $1,317.88/unit). Industrial diamonds (under $10/unit) further skew averages.

Q4. What should importers in India focus on when buying Diamonds?

Prioritize stable relationships with high-frequency suppliers (68.21% of import value) while diversifying rough diamond sources beyond the UAE to mitigate geopolitical risks and tariff disruptions.

Q5. What does this India Diamonds import pattern mean for overseas suppliers?

Suppliers of worked diamonds (e.g., India, China Hongkong) hold pricing power, while bulk rough diamond exporters (UAE, Angola) face dependency risks. High-value intermediaries like H.K IMPEX PVT. LTD dominate trade flows.

Q6. How is Diamonds typically used in this trade flow?

India primarily imports raw, unworked diamonds (71023100) for cutting/polishing, alongside high-value finished stones (71023910) and industrial-grade diamonds, reflecting its role as a global diamond processing hub.

Detailed Monthly Report

India HS7102 Import Snapshot 2025 JAN

India HS7102 Import Snapshot 2025 FEB

India HS7102 Import Snapshot 2025 MAR