Kathmandu. India’s gems and jewellery industry is going through a tough phase. This industry is very important for India’s economy. Because it provides livelihood to millions of people.
Us President Donald Trump has imposed a 50 percent tariff on gems and jewellery imported from India. This has caused great damage to this industry.
India sends one-third of its diamond exports and nearly half of its studded jewellery to the US. Its impact is visible in Surat, Jaipur, Mumbai and surrounding areas of India. In those places, business is declining and people are losing their jobs.
Nearly one lakh people have become unemployed in The Saurashtra region of Gujarat. These include people working in small factories in Bhavnagar, Amreli and Junagadh.
Due to the decrease in export orders, many companies are reducing their production and giving employees leave. India is the world’s largest diamond exporter. About 90% of the world’s diamonds are processed in India.
Fiscal year 2024. On June 25, India exported $10 billion worth of gems and jewellery to the US. The most of these were cut and polished diamonds.
These entrepreneurs are now demanding that the Indian government accelerate trade talks and take steps to support this industry. Kirit Bhansali, chairman of the Gems and Jewellery Export Promotion Council, said in an interview that exports to the US will fall from $9.23 billion to just $2.3 billion. “Polished diamonds and studded gold jewellery will be the worst affected,” he said. ’
According to Bhansali, people working in the diamond business in Surat, Zahra in Maharashtra and the colour gems business in Jaipur may face problems. “It’s hard to say exactly right now, but 150,000 jobs will be lost,” he said, adding that exports to the US could fall by more than 70 per cent in the short term. ’
If diamonds are exported for Rs 1,000, a duty of Rs 500 will be levied on it. In this way, it will be priced at Rs 1,500 in the US.
