The India-US trade agreement is set to transform India’s gems and jewelry landscape, with experts predicting a multi-fold increase in trade volumes. Speaking exclusively, industry stalwarts from Jaipur painted a picture of renewed vigor and opportunity.
High tariffs had long shackled Indian shipments to the US, where more than half of the sector’s exports are destined. Dwarka Gems CMD Krishna Bihari Goyal revealed that 50% US duties had slashed business, but zero tariffs change everything. ‘This levels the playing field against China and Thailand, unlocking America’s vast retail network for us,’ he stated.
MSMEs, the backbone of the industry, suffered most from these barriers. Now, they stand to reap disproportionate benefits as costs plummet. Goyal noted the sector’s critical contribution to India’s forex reserves, underscoring its economic ripple effects.
All India Gem & Jewellery Domestic Council’s Avinash Gupta focused on the polishing sector’s windfall. ‘Tariff elimination will offset past damages and deliver even greater gains in the next two years,’ he forecasted confidently.
Kiran Gems’ Dinesh Lakhani pointed to the deal’s dual benefits for both economies. With US jewelers poised to import more freely, Indian exporters anticipate a deluge of orders. Last year’s stagnation gives way to optimism, as chain stores and independents alike eye Indian craftsmanship.
This pact arrives at a pivotal moment, revitalizing a sector poised for global leadership. As details solidify, the industry braces for an export renaissance that could redefine trade dynamics.