Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council (GJEPC), expects a sharp decline in exports to the US – from $9.23 billion to just $2.3 billion
India’s gems and jewellery industry — a pillar of the country’s export economy and a source of livelihood for millions — is grappling with an unprecedented setback. A total of 50% import tariff announced by US President Donald Trump has dealt a severe blow to this sector, which alone absorbs over a third of India’s diamond exports and nearly half of its studded jewellery.
The repercussions are already being felt across key hubs like Surat, Jaipur, Mumbai and its surrounding areas, where trade volumes are shrinking and job losses are mounting.
The repercussions are already being felt across key hubs like Surat, Jaipur, Mumbai and its surrounding areas, where trade volumes are shrinking and job losses are mounting.