The diamond industry in Surat, India is facing a wave of anxiety as hefty U.S. tariffs threaten to undermine the country's gem and jewellery exports, putting thousands of jobs at risk. The United States, which takes more than 30% of India's gem and jewellery exports, set a 27% reciprocal tariff on it on Thursday. The industry is already facing softening demand in other key markets, and the impact of the U.S. tariffs is expected to hit hard in the short term, leading to job losses. Smaller manufacturers are likely to be the most affected and may have to shut down.