India’s cut and polished diamonds are losing their sheen in the US and UAE markets. In FY18, exports of cut and polished diamonds to the US have dropped by 4.98 per cent while the dip to the UAE is 17.55 per cent. Even exports of plain and studded gold jewellery to the US have dropped by 11.5 per cent bringing down the overall exports of gem and jewellery in FY18 by 5.06 per cent to $40.97 billion compared to FY17.