US Tariffs on Indian Gold Jewellery Jeopardize Craftsmanship and Economy

The United States is set to impose an additional 25 percent tariff on Indian gold jewellery exports starting August 27, compounding an existing 25 percent duty. This move has sparked deep concern among industry leaders in India, with fears that it could devastate the sector.

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), highlighted the severe threat to artisans, warning that the tariffs could render products uncompetitive in the U.S. market and put thousands of skilled craftsmen at risk of losing their livelihoods. He urged the Indian government to act quickly and engage in trade talks to protect the sector and preserve India's leadership in handcrafted jewellery.

GJC Vice Chairman Avinash Gupta echoed these worries, noting broader economic impacts such as pressure on the Indian Rupee and increased gold prices for domestic consumers. With India's gems and jewellery exports standing at USD 22 billion for FY 2023-24, there are forecasts to reach USD 100 billion by 2027. The central government remains committed to maintaining India's position as a global manufacturing hub.

(With inputs from agencies.)