Mumbai/Jaipur, February 9. The Indian gems and jewelry industry has warmly welcomed the landmark India-US trade agreement, hailing it as a game-changer that unlocks the high-value American market for exporters. Industry leaders predict a surge in bilateral trade, with significant relief from previous tariff barriers.
Dinesh Lakhani, Managing Director of Kiran Gems Private Limited, emphasized the mutual benefits for both economies. ‘This deal will help ramp up exports hit hard by high tariffs,’ he stated. Over 50% of India’s gems and jewelry shipments head to the US, but restrictive duties stalled growth in the past year.
The agreement zeros out US tariffs on Indian gems and jewelry, opening doors for American jewelers and chain stores to import larger volumes. Lakhani highlighted India’s evolution beyond a service-driven economy, pointing to recent pacts with the UK and EU that solidify its global trade position. These moves align with Vision India 2047 for a developed nation.
Expectations are high: exports to the US could double compared to the last 1.5 years. From Jaipur, Rajeev Jain, Chairman of Sambhav Gems Limited and former head of the Gems and Jewellery Export Promotion Council (GJEPC), called it vital relief. ‘The US remains our top market. High duties were a major setback, but this step brings much-needed boost. We thank the government and PM Modi,’ Jain said.
This development comes at a pivotal time, reinforcing India’s manufacturing prowess and export ambitions amid global economic shifts. As negotiations continue, the sector eyes sustained growth and competitiveness.