Editor’s Note
While it is premature to declare that Indian exporters have fully adjusted to recent trade policy changes, emerging data indicates a potential trend. Following the seafood sector’s lead, the gems and jewellery industry appears to be demonstrating initial resilience by diversifying into new markets.
While it is too early to conclude that Indian exporters have fully adapted to the new tariff regime, recent data suggests that the gems and jewellery sector—much like seafood earlier—may be showing early signs of resilience by tapping alternative markets.
The steep tariffs imposed by the United States on Indian goods in August — cumulatively close to 50 per cent — were initially viewed as a major blow to India’s export push, an Economic Times report said on Tuesday.
For years, the US has been the largest destination for Indian gems and jewellery exports, with shipments valued at nearly USD 10 billion in 2023–24.