The India-US tariff agreement has been welcomed by key players in India’s gems and jewellery sector, who described it as a landmark step that would unlock a significant, high-value American market and strengthen bilateral trade.
Dinesh Lakhani, Director of Kiran Gems Private Limited, highlighted that the deal would prove beneficial to both economies while revitalizing exports that had stalled due to steep tariffs. “This historic tariff agreement is advantageous for India and the US alike. It marks a major step forward for trade between our countries,” he said.
Previously, over half of India’s gems and jewellery exports to the United States had faced delays for more than a year. With tariffs now reduced to zero for the gems sector, Indian exporters can access a vast US market. Chain stores and independent jewellers in the US are expected to source more from India, driving fresh growth for the sector.
Lakhani further emphasized that India is increasingly emerging as a global trade powerhouse, not just a service-oriented economy. The country has recently secured trade deals with the UK and the EU, and the US agreement is a key milestone toward the vision of Viksit Bharat 2047. He added that US exports under this pact are projected to nearly double compared to the last 18 months, creating strong industry-to-industry trade opportunities and opening previously restricted markets.
Rajiv Jain, Chairman of Sambhav Gems Ltd and former head of the Gems and Jewellery Export Promotion Council (GJEPC), echoed these sentiments, noting that the tariff reduction has provided much-needed relief to Indian exporters. While tariffs on gems are now eliminated, jewellery still faces a 24% duty.
Jain highlighted the significance of the US as India’s largest market for gems and jewellery exports. “High tariffs had created a significant setback for our industry. This agreement offers substantial relief, and we are grateful to the government and Prime Minister Modi for facilitating this historic move,” he said.
The tariff deal is expected to stimulate growth in India’s gems and jewellery exports, reinforce trade relations with the US, and pave the way for broader industry expansion, benefiting both Indian manufacturers and American buyers.
