Jaipur’s gems and jewelry industry leaders are buzzing with excitement over the newly announced India-US trade deal. Described as a game-changer, this agreement promises to skyrocket exports to the lucrative American market by slashing tariffs to zero.
Krishna Bihari Goyal, CMD of Dwarka Gems Limited, highlighted how the zero-tariff regime opens doors wide for Indian exporters. ‘America’s massive market was previously choked by 50% tariffs, crippling business especially for MSMEs,’ he explained. Now, with barriers lifted, India stands ready to outpace competitors like China and Thailand.
Goyal emphasized the sector’s role as a top foreign exchange earner for India. Boosting exports here doesn’t just fill coffers—it strengthens the entire economy. From large players to small workshops, everyone stands to gain, particularly the MSMEs hit hardest by high duties.
Avinash Gupta, Vice Chairman of the All India Gem & Jewellery Domestic Council, echoed these sentiments. ‘Zero tariffs on our polished diamonds and jewelry will supercharge the cutting and polishing industry,’ he said. The losses from recent years could be recovered and surpassed within two years.
Dinesh Lakhani of Kiran Gems Private Limited added that over 50% of India’s gems and jewelry exports target the US. High tariffs stalled growth last year, but this deal revives momentum. US jewelers and chain stores can now stock up on Indian products without cost barriers, promising a surge in orders.
Industry voices agree: this isn’t just a deal; it’s a launchpad for unprecedented growth. As negotiations finalize, exporters are gearing up for a trade boom that could multiply volumes several times over, cementing India’s dominance in global gems trade.