Jaipur, February 10: The India-U.S. trade deal is poised to be a game changer for the gem and jewelry sector, potentially multiplying trade in the coming years. This insight was shared by industry insiders on Monday.
Speaking to a news agency about the impact of the India-U.S. trade deal on the gem and jewelry sector, Krishna Bihari Goyal, CMD of Dwarka Gems Limited, stated that a zero percent tariff would open up a vast market for Indian exporters in the U.S. This development will enable India to compete fiercely with countries like China and Thailand in the American market.
Goyal further noted that the previous 50 percent U.S. tariff had significantly reduced BUSINESS opportunities, but now there is a strong possibility for substantial growth.
He emphasized that traders of all sizes, from large corporations to small businesses, operate in the U.S. The increased tariffs had disproportionately affected MSMEs (Micro, Small, and Medium Enterprises), but the reduction in tariffs will greatly benefit them.
Goyal also highlighted that the gem and jewelry sector is one of the highest foreign exchange earners for the country, which will strengthen the overall economy.
Avinash Gupta, Vice Chairman of the All India Gem and Jewelry Domestic Council, remarked that this deal would eliminate tariffs on Indian gem and jewelry exports to the U.S., significantly benefiting the country’s cutting and polishing industry. He expressed optimism that the losses incurred due to tariffs in recent times would be outweighed by the gains in the next two years.
Earlier, Dinesh Lakhani of Kiran Gems Private Limited mentioned that this agreement would benefit both economies and help boost exports that were adversely affected by higher tariffs.
Discussing the deal’s impact on the sector, Lakhani noted that over 50 percent of India’s gem and jewelry exports go to the U.S., and the American tariffs had caused significant disruptions over the past year.
He concluded by stating that with the elimination of U.S. tariffs on Indian gems and jewelry, a substantial market has opened up for Indian products. American jewelers and chain stores will now be able to purchase larger quantities of goods from India.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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