Editor’s Note
This report highlights the significant optimism within India’s gems and jewellery industry following the recent trade agreement with the United States. Industry leaders anticipate a transformative impact, predicting a substantial multi-fold increase in bilateral trade as a result of the new zero-tariff provisions.
Jaipur, Feb 9 (IANS). The India-US trade deal will prove to be a game changer for the gems and jewellery sector and could multiply trade several times over in the coming years. This information was provided by industry sources on Monday.
Speaking to news agency IANS about the impact of the India-US trade deal on the gems and jewellery sector, Krishna Bihari Goyal, CMD of Dwaraka Gems Limited, said that zero percent tariffs will open up a large market like the US for Indian exporters. This will enable India to provide stiff competition to countries like China and Thailand in the American market.
Goyal further said that in the US, all traders from large to small conduct business. The increased tariffs had hurt MSMEs the most. Therefore, the reduction in tariffs will now benefit MSMEs the most.
Goyal added that the gems and jewellery sector is one of the highest foreign exchange earning sectors for the country. As such, this will strengthen the entire economy of the country.
Avinash Gupta, Vice Chairman of the All India Gem & Jewellery Domestic Council, said that this deal will result in zero tariffs on the export of Indian gems and jewellery to the US. This will greatly benefit the country’s cutting and polishing industry.
Earlier, speaking to IANS, Dinesh Lakhani of Kiran Gems Private Limited said that this agreement will benefit both economies and will also help boost exports that were impacted by high tariffs.
Explaining the impact of this agreement on the sector, Lakhani said that more than 50 percent of India’s gems and jewellery exports go to the US, and this had largely stalled over the past year due to US tariffs.