Tariffs have led to the downturn of the diamond industry in India: lost orders, as well as a large amount of vacant offices.

Currently, only a few traders are still working at the Surat Diamond Bourse in India. Due to weak overseas demand, Indian diamond exports have fallen to the lowest point in twenty years. Now, the high tariff policies implemented by U.S. President Trump may cut off the channel to India's largest market - the U.S. market, which accounts for about a quarter of India's annual exports of $28.5 billion. A trading exchange official who requested anonymity revealed that more than 4,700 offices have been sold at the Surat Diamond Bourse, but less than 250 are actually in use, and many companies have re-evaluated their plans to move in.