US Tariffs: A Blow to India's Gems and Jewellery Sector

The US has imposed a 27% tariff on Indian gems and jewellery, prompting industry body GJEPC to call for government intervention. This move could reshape global supply chains, affecting $11 billion in exports to the US. Calls for a Bilateral Trade Agreement between the nations are intensifying.

The US has taken a drastic step by imposing a 27% tariff on Indian gems and jewellery, prompting concerns across the industry. The Gem and Jewellery Export Promotion Council (GJEPC) has urged the Indian government to take action to safeguard the sector's long-term interests.

The Trump administration's move aims to address the US trade deficit while potentially reshaping global supply chains. Notably, Indian exporters and American consumers are expected to feel the burden of the increased tariffs.

GJEPC sees the Bilateral Trade Agreement between India and the US as crucial in navigating these challenges and maintaining trade steady, which currently amounts to $16.89 billion in the gems and jewellery sector.

(With inputs from agencies.)