New Delhi: The government has increased the disadvantages of duty to certain jewelry and precious metal objects to provide relief to exporters in this sector, which was hardly affected by steep American import taxes.
According to the announcement issued by the Ministry of Income on Monday, the disadvantage rate on silver jewelry and silver articles increased £335.50 to £466.76 for 10 grams. The rate of gold jewelry and gold cells has been increased £4 468,10 to £5 234.00 per 10 grams. Platinum jewelry and platinum articles have also been revised upward from £4 468,10 to £5 234.00 per 10 grams.
US President Donald Trump administration imposed a reciprocal tariff of 25% of Indian goods entering America and another 25% for purchases of Russian oil in Delhi. These tariffs come into effect on Wednesday.
Previously, Mint 12th August announced that the government is preparing a package in its mission to support exports, including higher disadvantage rates, facilitate export loan and support of small enterprises. The latest revision is considered to be part of this initiative aimed at distinguishing the impact of American increases of tariffs and strengthening the global competitiveness of India, especially in the jewelry sector.
Relief
The lack of obligations is monitored by the occurrence of customs and central consumer obligations caused by imported and supportive material, if used as inputs for exporting goods.
Revision comes at a time when Indian jewelry exports under pressure from slowing down global demand and changing standards of sources on key markets. Exports have long been looking for higher disadvantages to compensate for increasing initial costs, especially for gold, silver and platinum that forms the spine of the industry.
India is one of the largest exporters of gem and jewelry in the world, with the US’s largest market. In FY25, exports from the sector to the US were $ 9.94 billion, slightly from $ 9.91 billion in FY24. Shipments to the US were approximately 33% of the total Indian gems and jewelry exports that were awarded at $ 29.80 billion in FY25.
However, shipments to the US and the EU have slowed down in recent months due to tariffs of uncertainty and softer consumer expenditure.
The exporters are of the opinion that increasing disadvantage rates would partially pose the impact of higher costs and provide a competitive advantage at a time when opponents such as Turkey and Thailand are aggressively pushing jewelry exports. “Although this is a welcome step, further support will be needed in the coming months to maintain export dynamics,” said Vipul Shah, former chairman of the GEM and jewelry promotion council.
(Tagstotranslate) gems and jewelry
