Exports to the US fell sharply, down 45%, after a hefty 25% duty was slapped on Indian goods.
Even cut-and-polished diamond exports dropped by 8.5%, reaching their lowest level in over 20 years.
On the bright side, places like the UAE and Hong Kong are picking up some of the slack, and industry leaders are hopeful that upcoming trade deals with the UK and EU could help turn things around soon.