Relief Sought for India's Gem and Jewellery Sector Amid US Tariff Woes

The Gem and Jewellery Export Promotion Council (GJEPC) convened with Finance Minister Nirmala Sitharaman, urging for swift relief following a 50% US tariff, which has adversely impacted the sector. Though India-US trade discussions have resumed, GJEPC stresses the need for immediate measures to sustain employment and sector survival.

In a statement, the industry body highlighted that while reinitiated trade talks are promising, they demand urgent relief measures to maintain sector health during negotiating delays. GJEPC Chairman Kirit Bhansali proposed actions such as permitting SEZ units to carry out reverse job work and DTA sales, extending export obligation timelines for US shipments, and offering interest moratoriums on packing credit and working capital loans to reduce financial burdens.

The meeting also emphasized regulatory approvals, advocating for the India Jewellery Park's inclusion in the Harmonised Master List of Infrastructure, enabling it to access industrial park benefits. These responses, the Council asserted, are vital to safeguard jobs and support exporter competitiveness amidst the ongoing challenges.

(With inputs from agencies.)