A breakthrough India-US trade pact is poised to unleash explosive growth in the gems and jewelry sector, leaders say. With tariffs dropping to zero, exports to the world’s largest market could see dramatic multiplication.
Krishna Bihari Goyal, head of Dwarka Gems, unpacked the impact: prohibitive 50% US duties had throttled trade, sparing no one—especially not MSMEs. ‘Zero tariffs fling open America’s doors, enabling us to challenge China and Thailand head-on,’ he declared.
As a forex heavyweight, the industry’s revival promises macroeconomic tailwinds for India. Goyal envisions a cascade of benefits across scales of enterprise.
Vice Chairman Avinash Gupta of the domestic council spotlighted processing advantages. ‘Our cutting and polishing prowess gets a massive lift; tariff losses will pale against coming gains within biennium,’ he projected.
Kiran Gems’ Dinesh Lakhani highlighted the US’s dominance in India’s export pie—over 50%. Recent duty-induced slowdowns reverse course, empowering US retailers to ramp up Indian buys. ‘Mutual economic uplift, with our side surging ahead,’ he observed.
Optimism permeates the sector as this deal heralds a new era. Exporters are aligning strategies for what promises to be a trade tsunami, fortifying India’s gem supremacy.