MUMBAI, India — India’s gems and jewellery industry is expecting a significant expansion in exports to the United States following the new India–U.S. tariff agreement, which industry leaders say removes long-standing barriers and opens access to a high-value market.
Senior executives said the agreement, which eliminates tariffs on gems and jewellery exports to the U.S., could revive shipments that had been held back for more than a year due to high duties.
Dinesh Lakhani, Director of Kiran Gems Private Limited, described the deal as a landmark development for both countries. “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.
Lakhani said more than half of India’s gems and jewellery exports to the U.S. had been stalled earlier because of tariffs. “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.
He also pointed to India’s growing role as a global manufacturing and export hub, noting that recent trade agreements with other major economies have strengthened the country’s international standing. “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,” Lakhani said.
According to Lakhani, the agreement is also expected to drive stronger two-way trade. “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, adding that U.S. exports under the deal could nearly double compared to the past year and a half.
Industry leaders in Jaipur echoed similar optimism. Rajiv Jain, Chairman of Sambhav Gems Ltd and former Chairman of the Gems and Jewellery Export Promotion Council, said the tariff changes 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 U.S. remains the largest market for India’s gems and jewellery exports and that high tariffs had previously dealt a severe blow to the sector. “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.
Industry participants said the agreement could help accelerate export growth in the coming months as Indian suppliers reconnect with U.S. buyers and expand their presence across retail and wholesale channels. (Source: IANS)
