India's diamond industry is expected to face a 25-27% revenue decline this fiscal, reaching a 10-year low of $12 billion, according to a CRISIL report. Key reasons include weak demand from the US and China, a 10-15% drop in diamond prices due to oversupply, and a growing preference for lab-grown diamonds (LGDs), which are 90% cheaper. This marks the third consecutive year of falling revenues for natural diamond polishers. Miners are cutting production to stabilize prices, while companies reduce inventory and limit debt reliance.