SURAT, India ¨C The Surat Diamond Bourse ¡ª billed as the world¡¯s largest office complex, surpassing even the Pentagon in size and symbolizing India¡¯s growing trade ambitions ¡ª stands eerily quiet, with only a few traders at work.
The reason: business is sluggish, and the outlook is grim.
Exports by India¡¯s diamond industry have already hit a two-decade low on weak Chinese demand, and now higher tariffs under U.S. President Donald Trump threaten to sever access to its largest market, which accounts for nearly a third of its $28.5 billion annual shipments of gems and jewelry.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.