GJEPC: Urgent Call for Policy Reforms Amid US Tariff Crisis

The Gem and Jewellery Export Promotion Council (GJEPC) on Thursday urged the Indian government to implement immediate policy reforms to support the struggling industry. The sector is grappling with the US's imposition of a steep 50% tariff on all Indian goods, a move that poses a risk to the largest market for Indian gems and jewellery.

According to GJEPC Chairman Kirit Bhansali, the US accounts for over $10 billion in Indian gem and jewellery exports, nearly 30% of the industry's global trade. The unanticipated tariff, announced by US President Donald Trump, threatens to disrupt critical supply chains, halt exports, and endanger thousands of jobs.

Bhansali noted that 85% of exports from SEEPZ SEZ, providing 50,000 jobs, are US-bound. He expressed concern that the tariff's scale could bring the industry to a standstill, especially as other countries maintain significantly lower tariffs, challenging India's competitiveness in the US market.

(With inputs from agencies.)