Significant impact of 26 pc US tariff on Indian gem & jewellery exports: GJEPC
Exports body urges Indian government to negotiate FTA with US
GJEPC has acknowledged the US administration’s efforts to address trade imbalances but has urged the US to maintain the trade partnership with India
The Indian gem and jewellery industry is worried about the impact of the United States administration’s decision to impose a 26 pc reciprocal tariff on exports from India and has urged the government to negotiate a Free Trade Agreement with the US.
GJEPC has acknowledged the US administration’s efforts to address trade imbalances but has urged the US to maintain the trade partnership with India
A 26 pc reciprocal tariff imposed by the United States on Indian gem and jewellery exports is set to impact the industry significantly. The move raises concerns for exporters and consumers alike, with potential disruptions to trade flows.
In a press statement, Gem & Jewellery Export Promotion Council (GJEPC) says that the move, announced by the Trump Administration, is expected to affect both Indian exporters and American consumers.
It adds that the GJEPC has acknowledged the US administration’s efforts to address trade imbalances but has urged the US to maintain the trade partnership with India.
GJEPC says that the sector, which exports around USD 10 billion worth of diamonds and jewellery to the US annually, is likely to face disruptions.
It adds that with the tariff applying to multiple competing nations, India’s gem and jewellery sector anticipates a shift in global supply chains.
According to the statement, sustaining current export levels may be challenging. GJEPC has called on the Indian government to expedite discussions on a Bilateral Trade Agreement with the US to mitigate the impact and safeguard long-term industry interests.
It adds that the council is also engaging with stakeholders to explore solutions that would allow continued access to the US market while addressing tariff concerns.
