International News
GJ exporters hasten US shipments amid tariff uncertainty
Following a landmark US Supreme Court ruling on February 20, 2026, which invalidated President Trump’s “reciprocal tariffs” under the International Emergency Economic Powers Act (IEEPA), the trade landscape has shifted into a volatile transition period. In response, the US administration has invoked Section 122 of the Trade Act of 1974, implementing a temporary 15% global import surcharge.
Indian exporters in various sectors including GJ are currently racing to maximize shipments within a 150-day window to capitalize on the relative certainty of the current 15% rate before potential further escalations under Section 301. The “150-day window” (ending roughly in July 2026) has become a critical marathon for Indian logistics. While the Supreme Court ruling offered a brief moment of relief by striking down 50% “penalty” duties, the immediate reimposition of a 15% surcharge keeps the “landed cost” of Indian goods high.
Gems and Jewellery sector impact
- Current Status: The sector is reeling from a 60% year-on-year decline in cut and polished diamond exports (falling from $3.64 billion to $1.45 billion in the April–December 2025 period).
- Exporter Action: The Gem & Jewellery Export Promotion Council (GJEPC) successfully requested Mumbai Customs to remain open over the weekend to facilitate immediate dispatches.
- Trade Deal Outlook: Under a recently announced interim framework, India expects zero-duty access for diamonds and a reduction in jewellery tariffs to 18% (down from 25%). Exporters are rushing to ship goods before these negotiated terms are potentially complicated by the new Section 122 surcharge.
Technical Regulatory Framework
The shift in US policy utilizes two distinct legal “hammers”:
| Regulation | Status | Impact on Indian Exporters |
| IEEPA (Reciprocal Tariffs) | Invalidated | Struck down by SCOTUS (6-3); provides legal grounds for potential duty refunds. |
| Section 122 (Trade Act 1974) | Active | 15% surcharge for a maximum of 150 days to address balance-of-payments deficits. |
| Section 301 | Threatened | Allows USTR to impose punitive tariffs for “unfair” trade practices; seen as a looming risk. |
Strategic Outlook
The “150-day window” (ending roughly in July 2026) has become a critical marathon for Indian logistics. While the Supreme Court ruling offered a brief moment of relief by striking down 50% “penalty” duties, the immediate reimposition of a 15% surcharge keeps the “landed cost” of Indian goods high.
Note: Exporters are urged to maintain close coordination with the Union Commerce Ministry, as the operationalization of the India-US Interim Trade Pact (expected in April 2026) may offer a “carve-out” or preferential rate that bypasses the global 15% surcharge.
International News
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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