International News
Canada Faces 50% US Import Tariffs; Gemstone Exemption Under Review
The American Gem Trade Association (AGTA) has alerted members that US President Donald Trump has announced three proclamations imposing 50% tariffs on nearly US$20 billion-worth of Canadian goods imported into the United States.
The tariffs, issued under Section 338 of the Tariff Act of 1930, are scheduled to take effect on 19 August 2026, following a 30-day implementation period. Unlike the ongoing Section 301 investigations, Section 338 is a rarely invoked provision that allows the President to impose duties without lengthy investigations.
According to the US Trade Representative, the measures are based on a presidential determination that Canada maintains discriminatory trade practices that burden US commerce. The proclamations specifically cite Canada’s policies on automobile trade, dairy protections, and alcohol sales.
The tariffs cover a broad range of Canadian imports. They will apply regardless of whether goods qualify for preferential treatment under the United States–Mexico–Canada Agreement (USMCA) and will be levied in addition to any existing tariffs or fees.
AGTA noted that while the 30-day window provides an opportunity for bilateral negotiations, the proclamations include exemptions for certain categories, including energy and critical minerals. Although gemstones have not been specifically identified among the exempt products, the association said it is hopeful they will qualify under the critical minerals exemption.
International News
Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC
The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.
The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.
The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.
The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.
Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.
However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.
Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.
With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.
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