Cheers rang out across India’s gems and jewelry hubs as the India-US trade deal was announced, promising to supercharge exports to the world’s biggest consumer market. Business tycoons labeled it transformative, ending the tariff stranglehold that’s hampered growth.
Dinesh Lakhani from Kiran Gems Private Limited broke it down: both nations gain, especially with zeroed-out US tariffs on Indian gems. ‘More than half our sector’s output goes to America, stalled by duties last year. Now, jewelers there can stock up freely,’ he explained.
India’s not stopping there. Fresh agreements with UK and EU bolster its trade arsenal, shifting from services to robust manufacturing. Lakhani forecasts US exports doubling versus recent lows, fueling the developed India 2047 dream.
In Jaipur, industry stalwart Rajeev Jain of Sambhav Gems rejoiced. As former GJEPC chair, he knows the pain of high tariffs all too well. ‘This is massive relief for our biggest market. Sincere thanks to PM Modi and the team.’
The agreement’s timing is impeccable, amid rising global demands for premium jewelry. It empowers small exporters, enhances competitiveness, and sets the stage for exponential sector growth in coming quarters.