India to lose 30% of gems, gold and jewellery exports

US President Donald Trump’s decision to impose a 50% tariff could severely impact India’s gem and jewellery exports, as the United States is India’s single largest market and accounts for over 30% of gems and jewellery exports from India.

“The United States is our single largest market, accounting for over $10 billion in exports—nearly 30% of our industry’s total global trade. A blanket tariff of this magnitude is severely devastating for the sector,” said Kirit Bhansali, Chairman, Gem and Jewellery Export Promotion Council (GJEPC). Now, competing manufacturing hubs, such as Turkey, Vietnam, and Thailand, continue to enjoy significantly lower tariffs of 15%, 20%, and 19% respectively, making Indian products relatively less competitive in the US market.