1) HSN & GST — quick facts
Cut & polished diamonds are classified under HSN chapter 7102 with more specific sub-codes used for "cut or otherwise worked" diamonds (for example 71023910 for certain cut/polished categories). The tax treatment for loose diamonds in India is generally at the lower GST slab (around 0.25%), while diamond jewellery (set stones + making charges) attracts higher GST (commonly 3%). 0
Lab-grown / synthetic diamonds also have distinct HS codes (for example 71042010 for laboratory-created diamonds). Most tax guidance groups list lab-grown diamonds under specific synthetic gemstone codes, and GST for lab-grown stones is treated similarly at a lower slab (commonly ~0.25%). Always verify the exact sub-heading for your product before filing. 1
2) India diamond export — snapshot & markets
India is a leading player in cut & polished diamond processing. In recent years India has ranked among the largest diamond exporters (India regularly appears among the top countries by export value). Major destinations for Indian polished diamonds include Hong Kong, USA and UAE, followed by other markets in Europe and Asia. (Export figures vary year to year; industry reports note India as a top exporter by value). 2
3) Where India imports diamonds from?
India imports rough diamonds (to be processed and polished) from major rough-diamond producing or trading hubs. Historically important sources include countries like Russia, Botswana (rough diamonds), and trading centers such as the UAE and Angola depending on availability. After polishing, India re-exports cut & polished stones to global buyers. (Check latest customs data / GJEPC reports for current supplier country mix.) 3
4) Top diamond exporting countries (global)
The global leaders in diamond exports typically include India, USA, Hong Kong, UAE and Belgium among the top ranks by export value. Exact order and values change each year — refer to trade statistics for fiscal year details. 4
5) Why exporters use diamond trade data?
- Find verified buyers and importers by HS code and destination port
- Analyze competitor shipments and pricing trends
- Plan target markets (e.g., shift focus from one country to another)
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