Leading figures in India’s gems and jewellery sector have praised the recent India-US tariff agreement, hailing it as a significant move that will grant Indian exporters access to the lucrative American market and enhance bilateral trade. Dinesh Lakhani, Director of Kiran Gems Private Limited, emphasized the mutual benefits of the deal, highlighting its potential to rejuvenate exports that had been hampered by high tariffs.
The tariff reduction to zero for the gems and jewellery industry is expected to have a transformative impact, with over 50% of India’s exports to the US, previously stalled, now poised to enter the American market. This development is anticipated to enable chain stores and independent jewellers in the US to increase their sourcing from India, fostering greater trade opportunities between the two nations.
Acknowledging India’s evolving role in global trade, Lakhani underscored the country’s expanding market presence through trade agreements with the UK, EU, and now the US. He described the agreement as a crucial step towards realizing the vision of Viksit Bharat 2047, highlighting the growth potential and market access it offers to Indian exporters in the US.
Rajiv Jain, Chairman of Sambhav Gems Ltd and former Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), echoed Lakhani’s sentiments, expressing relief over the tariff reduction that has eased the burden on exporters. While gems now face zero tariffs, jewellery still carries a 24% duty, signaling progress in facilitating trade with the US, which remains a key market for India’s gems and jewellery exports.
