Gems and jewellery exporters’ body Gem and Jewellery Export Promotion Council (GJEPC) on Thursday urged the Government to bring in immediate policy reforms to support the industry, which is facing challenging times due to a steep 50 per cent tariff imposed by the US on all Indian goods. The United States is the largest market for Indian gems and jewellery sector, accounting for over USD 10 billion in exports, nearly 30 per cent of the industry's total global trade, according to GJEPC Chairman Kirit Bhansali.

 

US President Donald Trump’s announcement of a sweeping 50 per cent tariff on all Indian goods is a deeply concerning development and the move will have far-reaching repercussions across India's economy, disrupting critical supply chains, stalling exports, and threatening thousands of livelihoods, he said. “The Indian gem and jewellery sector, in particular, stands to be severely impacted... A blanket tariff of this magnitude is severely devastating for the sector,” Bhansali said. He said, currently there is significant reliance on the US market, as 85 per cent of exports from SEEPZ SEZ, which provides 50,000 jobs, is directed there. For cut and polished diamonds, half of India’s exports are US-bound and with the revised tariff hike, the entire industry may come to a standstill, placing immense pressure on every part of the value chain.