Given that the United States represents 40 percent of Indian trade in the diamond and jewelry industries, the Gujarat Industry Head of Industry said that this industry would be unfavorable to intelligence tariffs, PTI reported.
However, the parties’ parties are hoped that the impact will be temporary, which gives us the obsession of customers diamonds.
According to Dinesh Navadiya, former regional chairman of the GEM and jewelry promotion council, new tariffs in the US will be more expensive. The annual sales of diamonds and diamond jewelry in the US are expected to be $ 89.54 billion.
“In the years 2024-25, Indian gems and jewelry exports were $ 13.3 billion, which includes exports of $ 4.8 billion to the US.
Nabadiya said India could use the free trade agreement with countries such as SAE, Great Britain and Australia to dull the impact of the tariff.
“Similarly, if Russia and China announce that they will open their markets for us, it will come as a huge relief. This is a long -term solution. However, the situation is currently worried about 50 % of the tariff,” Navadiya said.
After the announcement of US President Donald Trump, 25 % of the tariffs were valid for India 7 August. Trump also announced doubling tariffs to Indian goods to 50 percent for purchases of Russian oil in India. Other tariffs came into force on Wednesday.
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President Surrat Diamond Association (SDA) Jagdish Khunt also supports Navadiya. It believes that the impact of the tariff will be a short -term disruption and notes that the US has no choice but India in terms of polished diamonds.
“50 % of the tariff deposited by the United States on Indian goods will surely affect the diamond industry. But the effect will only be short -term,” he said.
He said American people are attached to diamonds, as well as Indians love gold, so they never stop buying precious stones, even if they are expensive.
Another member of the SDA Vinubhai Dabhi said Khunt. “Whatever slowdown you see, it is caused by an increase in gold prices, not for tariffs. The US has previously imposed a 25 % tariff in April. However, there was no big impact. There is another 25 % tariff now.
A prominent jeweler from Vadodary, Sunil Gandevikar, because the diamond will become expensive on the US market, the demand for Indian jewelry would be immersed.
“Jewelry business has already dropped by 50 percent compared to last year due to a sudden increase in gold prices. This 50 % tariff makes business more difficult because a large amount of gold and diamond jewelry is exported. The demand will have to pay more for buying our products,” Gandevikar said.
(Tagstotranslate) Gujarat Diamond Jewelers (T) Diamond Jewelers (T) US tariff (T) Diamond Jewells (T) Donald Trump (T)
