MUMBAI/JAIPUR, India — Leaders from India’s gems and jewelry industry welcomed the new India-U.S. tariff agreement on Sunday, calling it a landmark move that could unlock significant export growth by opening wider access to the high-value American market.
Dinesh Lakhani, director of Kiran Gems Private Limited, said the agreement would benefit both economies and help revive exports that had been hit by steep tariffs. “The tariff deal between India and the U.S. is historic for both countries. India will benefit significantly, and as far as I can see, the U.S. will benefit as well,” he said.
Lakhani said that more than half of India’s gems and jewelry exports to the U.S. had effectively remained stalled for over a year due to tariff barriers. “With the tariff now reduced to zero for the gems and jewelry sector, a very large market has opened up for Indian products. Chain stores and independent jewelers in the U.S. will now be able to source more from India,” he said.
He added that India’s economic profile had evolved beyond services alone. “India has emerged as a global market and has sealed trade deals with the U.K. and the EU as well. This agreement is a stepping stone toward the vision of Viksit Bharat 2047,” Lakhani said.
Lakhani also noted that U.S. exports under the agreement were expected to nearly double compared with the past 18 months. “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 U.S. are now opening,” he said.
Sharing similar views, Rajiv Jain of Jaipur, chairman of Sambhav Gems Ltd and former chairman of the Gems and Jewellery Export Promotion Council, said the tariff reduction had brought much-needed relief to exporters. “The tariff on gems has been reduced to zero, though jewelry still attracts a 24 percent duty,” he said.
Jain said the U.S. continues to be the largest market for India’s gems and jewelry 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 said. (Source: IANS)
