India's Smartphone Exports to US Now Beat Diamonds
October 06, 24
(IDEX Online) - India's smartphone exports to the US are now more valuable than its diamond sales.
It sold $2bn of smartphones in April to June of this year (Q1 2025) compared to $1.44m of polished gem-quality diamonds, according to the country's Department of Commerce.
Most of the increase has been among iPhones, which saw US exports double from $5bn in FY2023 to $10bn in FY2024. They represent two thirds of India's smartphones exports to the US.
Meanwhile, the global slump in demand for natural diamonds has hit India hard.
The latest figures show polished diamond exports to all countries fell by 23.8 per cent year-on-year in August.
Smartphone exports, based on the HS (harmonized system) code classification to the US first overtook diamonds in October to December 2023 (Q32024) and the gap is widening.
India currently represents just 10 per cent of UIS iPhone imports, behind China and Vietnam, but iPhone owner Apple could shift 25 per cent of production to India, according to finance experts at JP Morgan.