Will the India-US Trade Agreement Revolutionize Gems and Jewellery Exports?
Synopsis
Discover how the India-US tariff agreement is set to transform the gems and jewellery industry, enabling Indian exporters to access a lucrative American market. Industry leaders are optimistic about this historic deal's potential to revive exports and strengthen bilateral trade relations.
Key Takeaways
Tariffs on gems reduced to zero to boost exports.
Significant market access for Indian exporters in the US.
Industry leaders are optimistic about reviving trade relations .
India is evolving as a global player in trade.
Future prospects align with the vision of Viksit Bharat 2047 .
Mumbai/Jaipur, Feb 9 (NationPress) Prominent figures in India’s gems and jewellery sector have expressed their enthusiasm for the India-US tariff agreement, labeling it a landmark initiative that is poised to unlock a vast and lucrative American market for Indian exporters and substantially enhance bilateral trade.
Dinesh Lakhani, Director of Kiran Gems Private Limited, remarked that the agreement serves the interests of both nations and is expected to rejuvenate exports that had been adversely affected by elevated tariffs. “This tariff agreement between India and the US represents a historic milestone for both nations. India stands to gain immensely, and I foresee benefits for the US as well,” he stated.
Discussing its implications for the industry, Lakhani noted that previously, over 50% of India’s gems and jewellery exports to the US had been stuck for an extended period. “With tariffs now reduced to zero for our sector, a substantial market has opened for Indian products. Chain stores and independent jewellers in the US will be able to procure more from India,” he added.
Lakhani emphasized that India is evolving beyond merely being a service-driven economy. “India has emerged as a global player and has forged trade agreements with the UK and the EU too. This agreement is a pivotal step towards the vision of Viksit Bharat 2047,” he stated.
He also highlighted that US exports under this agreement are projected to nearly double compared to the last 18 months. “Trade between industries will have a profound effect. In our sector, we are witnessing a robust growth trajectory, and markets previously closed to India in the US are now becoming accessible,” he asserted.
Sharing similar sentiments, Rajiv Jain from Jaipur, Chairman of Sambhav Gems Ltd and former Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), indicated that the reduction in tariffs has provided crucial relief to exporters. “Although the tariff on gems has been reduced to zero, jewellery still incurs a 24% duty,” he noted.
Jain emphasized that the US remains the premier market for India’s gems and jewellery exports. “High tariffs had previously caused significant setbacks. This new development has brought immense relief to exporters, and we are grateful to the government and Prime Minister Modi for this initiative,” he concluded.
Point of View
I find the recent India-US tariff agreement a transformative milestone for the gems and jewellery sector. It not only opens new avenues for Indian exporters but also reinforces India's position in the global market, aligning with the nation's vision for economic growth. This development reflects a strategic partnership that could benefit both nations in the long run.
NationPress
10 May 2026
Frequently Asked Questions
What is the significance of the India-US tariff agreement?
The tariff agreement is significant as it eliminates tariffs on gems, opening up a lucrative market for Indian exporters in the US, thus enhancing bilateral trade.
How will this agreement affect Indian exporters?
Indian exporters will benefit from reduced tariffs, allowing them to increase exports to the US, which had previously been hampered by high tariffs.
What are the expected growth prospects for the gems and jewellery sector?
With the tariff reduction, the gems and jewellery sector in India is expected to see substantial growth, as more markets in the US become accessible.
