US Tariffs Cast Shadow on Gem and Jewellery Exports

The recent imposition of tariffs by the US on gem and jewellery exports has cast a gloom over the industry, with exporters expressing concerns over the potential decline in demand. The tariffs, which range from 10 to 25 per cent, are expected to make Indian exports less competitive in the US market. The gem and jewellery industry is one of the largest foreign exchange earners for India, with the US being one of its largest markets. The tariffs are expected to impact the industry’s exports, which were valued at over $30 billion in the previous fiscal year. The industry is already facing challenges due to the COVID-19 pandemic, and the tariffs are expected to further exacerbate the situation. Exporters are worried that the tariffs will lead to a decline in demand, resulting in job losses and a decline in revenue. The industry is seeking government support to mitigate the impact of the tariffs. The government has been urged to engage with the US authorities to resolve the issue. The tariffs are also expected to impact the domestic market, with prices of gemstones and jewellery expected to rise. The industry is exploring alternative markets, such as China and the Middle East, to offset the decline in US demand. However, these markets are highly competitive, and exporters will need to offer competitive prices to gain traction. The industry is also looking at diversifying its product offerings to include more value-added products, such as diamond-studded jewellery. The tariffs are expected to benefit other countries, such as China and Vietnam, which are not subject to the same level of tariffs. The US is one of the largest markets for Indian gem and jewellery exports, accounting for over 20 per cent of total exports. The tariffs are expected to impact the industry’s growth prospects, with exports expected to decline by up to 10 per cent in the current fiscal year. The industry is seeking support from the government to promote exports and reduce the impact of the tariffs. The government has been urged to provide support to small and medium-sized enterprises, which are the backbone of the industry. The tariffs are also expected to impact the industry’s employment prospects, with up to 100,000 jobs at risk. The industry is seeking a long-term solution to the issue, rather than a short-term fix. The government has been urged to engage with the US authorities to resolve the issue and prevent further escalation. The tariffs are a major setback for the industry, which has been working hard to promote exports and create jobs. The industry is hopeful that the government will take steps to mitigate the impact of the tariffs and promote exports. The tariffs are a challenge for the industry, but it is also an opportunity to diversify and explore new markets. The industry is confident that it can overcome the challenges posed by the tariffs and continue to grow and thrive.

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