Editor’s Note
This article highlights the potential impact of the recently announced India-US trade deal on the gems and jewellery sector, citing industry optimism about accessing the US market with zero tariffs.
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 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 strongly compete with 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 tariff 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. Thus, 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 Indian gem and jewellery exports 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 affected by higher tariffs.
Explaining the impact of this agreement on the sector, Lakhani said that more than 50 percent of India’s gem and jewellery exports go to the US, and this had largely stalled over the past year due to US tariffs.