Kolkata: Representatives of Indian gem and jewellery exporters would meet commerce minister Piyush Goyal on February 11, seeking to lower duties on shipments to the US to the earlier level of 5-7% after Washington announced 18% levies.
To be sure, precious stones such as diamonds attracted zero duties until late 2024 before the levies were progressively raised after Donald Trump took office in January 2025. Tariffs on both stones and finished jewellery were raised to 50% before the announcement of a deal was made earlier this month. Kirit Bhansali, chairman, Gem and Jewellery Export Promotion Council (GJEPC), said the reduction to 18% from the earlier punitive tariffs of 50% offers some relief, but is still far from ideal.
"Under the announced framework, duties have been reduced to 18% on jewellery, which provides meaningful relief to exporters. We are confident that, upon conclusion of the interim agreement, diamonds and coloured gemstones will receive zero-duty treatment as envisaged, restoring competitiveness in our most critical market," Bhansali said.
"In the meantime, we will urge the commerce minister to negotiate a rollback of the US reciprocal duty on jewellery to the earlier level."
To be sure, precious stones such as diamonds attracted zero duties until late 2024 before the levies were progressively raised after Donald Trump took office in January 2025. Tariffs on both stones and finished jewellery were raised to 50% before the announcement of a deal was made earlier this month. Kirit Bhansali, chairman, Gem and Jewellery Export Promotion Council (GJEPC), said the reduction to 18% from the earlier punitive tariffs of 50% offers some relief, but is still far from ideal.
"Under the announced framework, duties have been reduced to 18% on jewellery, which provides meaningful relief to exporters. We are confident that, upon conclusion of the interim agreement, diamonds and coloured gemstones will receive zero-duty treatment as envisaged, restoring competitiveness in our most critical market," Bhansali said.
"In the meantime, we will urge the commerce minister to negotiate a rollback of the US reciprocal duty on jewellery to the earlier level."