Mumbai, April 3 – The Gem and Jewellery Export Promotion Council (GJEPC), the apex body of India's gem and jewellery sector, stated on Thursday that the recently announced retaliatory tariffs by the United States will have a significant negative impact on India's exports to the American market. The council has urged the Indian government to take prompt and strategic measures to safeguard the long-term interests of this vital export sector.
As per agency report, the US administration under President Donald Trump has imposed a 27 percent tariff on Indian goods, citing high import duties levied by India on American products. The measure, according to US officials, is aimed at reducing the trade deficit and boosting domestic manufacturing.
GJEPC highlighted that this steep tariff will place a heavy burden on both Indian exporters and American consumers. In the short term, the council anticipates challenges in maintaining the current level of exports to the US, which stands at around USD 10 billion annually. Over the long term, it expects significant realignments in global supply chains as a result of these protectionist policies.
The council emphasized the urgency of progressing with the proposed bilateral trade agreement between India and the US, asserting that such a framework would be crucial in resolving tariff disputes and securing the sector’s strategic interests.
Currently, the United States imports gem and jewellery products worth approximately USD 11.58 billion from India, while exporting about USD 5.31 billion to India, bringing the total bilateral trade in this sector to USD 16.89 billion. The trade includes natural and lab-grown polished diamonds, gold and platinum jewellery, silver ornaments, imitation jewellery, rough diamonds, rough lab-grown diamonds, colored gemstones, and various precious metal bars.
The GJEPC's concerns reflect the broader anxiety across Indian export sectors as they brace for the impact of the newly imposed US tariffs.
