Indian gems, jewellery industry calls Trump tariff 'significant burden'
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The Indian gems and jewellery industry expects US President Donald Trump’s decision to impose a 27 per cent tariff on imports from the country will be a “significant burden” and complicate the task of sustaining annual exports worth $10 billion to the US market.
The US earlier imposed no duty on imported cut and polished diamonds and rough lab-grown diamonds, 7 per cent duty on plain gold jewellery, 5.50 per cent on studded gold jewellery, and 5.5 per cent duty on platinum jewellery. The highest duty, of up to 13.5 per cent, was on silver jewellery.
Indian duties on US exports ranged from 5 per cent to 25 per cent (highest on imitation jewellery). However, now US tariffs on Indian imports have gone up by 27 per cent. The highest one is similar to what India imposes on US imports in the gems and jewellery segment.
The Gems and Jewellery and Export Promotion Council (GJEPC) said in a statement: “We urge the government to progress the bilateral trade agreement between India and US as it would be crucial in navigating the tariff issue and securing long-term interests of the sector.”
Trump’s tariff will be a “significant burden” on Indian exporters and American consumers alike and in the long run reshape the global supply chains, it said.
India exported gems and jewellery worth $11.58 billion in 2024 and imported such items worth $5.31 billion from the US, leading to a trade imbalance in this sector of $6.27 billion.
GJEPC also requested the Indian government bring down import duty by 1-3 per cent on platinum, gold and silver jewellery.
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