India's gems and jewelery sector offers huge opportunities to increase exports to the US due to the trade war

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Mumbai, Ta. 13 September 2019, Friday

India's gems and jewelery sector hopes to have a billion-dollar export opportunity because of the ongoing trade war between the United States and China. Gems and jewelery imported from China, the United States imposed a 5 percent import duty, imposed a total tariff of 8 percent.

- Exports increase by $ 1 billion if government gets support: India will get bigger gains than China

A few months ago, the United States announced tariffs on India's jewelery, which increased by 8%, to 5%. Thus India is getting a bigger advantage than China.

China exports $ 2 billion worth of gems and jewelery annually to India. But due to lack of policy support from the government, Indian exporters are not able to increase their share in the export market, which has been increased by competing countries like Thailand and Vietnam, sources at the James and Jewelery Export Promotion Council said.

America is the largest consumer of gems and jewelry in the world. The council recently organized a special fair for buyers and sellers in the United States to attract US consumers.

Indian jewelers tried to attract American buyers with innovative types of jewelry so that China could collide. Generally, Indian gems and jewelery exports to the United States are worth about $ 3 billion annually. If India's jewelers are to seize the opportunity, exports could rise ten percent to $ 2 billion.

India's overall export of jewelery fell by 8.2 percent to $ 1.8 billion in July this year. During the April-July period, the figure was down 8.2 per cent to $ 1.8 billion.

While the Indian jewelery industry has sought support from the government, some Chinese jewelery makers have sent a signal to the government that if the Indian government relaxes certain standards, they want to start their operations in India, sources said.

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