India-US trade deal to unlock major boost for gems, jewellery exports: Industry leaders

Mumbai/Jaipur, Feb 9 (SocialNews.XYZ) Leading players from India’s gems and jewellery industry welcomed the India-US tariff agreement, calling it a historic step that would open up a large, high-value American market for Indian exporters and significantly boost bilateral trade.

Dinesh Lakhani, Director of Kiran Gems Private Limited, said the agreement would benefit both economies and revive exports that had suffered due to high tariffs. “The tariff deal between India and the US is historic for both countries. India will benefit significantly, and as far as I can see, the US will benefit as well,” he said.

Explaining its impact on the sector, Lakhani said that earlier, more than 50 per cent of India’s gems and jewellery exports to the US had remained stalled for over a year. “With the tariff now reduced to zero for the gems and jewellery sector, a very large market has opened up for Indian products. Chain stores and independent jewellers in the US will now be able to source more from India,” he added.

Lakhani noted that India was no longer just a service-oriented economy. “India has emerged as a global market and has sealed trade deals with the UK and the EU as well. This agreement is a stepping stone towards the vision of Viksit Bharat 2047,” he said.

He also pointed out that US exports under the deal were expected to nearly double compared to the last one-and-a-half years. “Industry-to-industry trade will have a significant impact. In our sector, we are already seeing strong growth potential, and markets that were earlier closed to India in the US are now opening,” he said.

Echoing similar views, Rajiv Jain from Jaipur, Chairman of Sambhav Gems Ltd and former Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), said the reduction in tariffs had brought much-needed relief to exporters. “The tariff on gems has been reduced to zero, though jewellery still attracts a 24 per cent duty,” he said.

Jain said the US remained the largest market for India’s gems and jewellery exports. “High tariffs had caused a major setback earlier. This move has come as a big relief for exporters, and we thank the government and Prime Minister Modi for this step,” he added.

Source: IANS