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GJEPC Leaders Urge Government Action Amidst 50% US Tariff Blow to Gem & Jewellery Exports

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In a recent panel discussion on CNBC-TV18’s Commodity Champion, key voices from India’s gem and jewellery sector raised urgent concerns about the impact of the newly imposed 50% tariff on exports to the United States — the country’s largest export destination for the industry.

The panel featured Kirit Bhansali, Chairman of GJEPC; Devansh Shah, Partner at Venus Jewel; Praveenshankar Pandya, Director of Shankar Group of Companies; Akshay Shah, Director at Dharmanandan Diamonds Pvt. Ltd.; and Sabyasachi Ray, Executive Director of GJEPC. Together, they presented a sobering picture of the challenges ahead.

Between April and July 2025, exports to the U.S. had already dropped 32% year-on-year to USD 2.12 billion. With the new 50% tariff taking effect from August 27, the sector now faces further contraction — affecting key categories including polished diamonds, fine jewellery, and coloured gemstones.

GJEPC strongly urged the Indian Government to intervene with immediate relief measures. These include:

  • Targeted Duty Drawback or reimbursement schemes
  • Working capital relief for exporters
  • Permission for reverse job work and limited DTA (Domestic Tariff Area) sales in SEZs

Such support, leaders say, is critical to protect livelihoods, sustain global competitiveness, and prevent a long-term erosion of India’s market share in the global gem and jewellery industry.

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National News

Bhima Gold Unveils Ashtalakshmi Coin Collection for Akshaya Tritiya, Blending Devotion with Exquisite Design

A culturally rooted, insight-led launch that reimagines festive gold buying through storytelling, symbolism, and spiritual relevance.

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In a move that blends cultural storytelling with product innovation, Bhima Gold has unveiled its Ashtalakshmi Coin Collection for Akshaya Tritiya – positioning gold not just as a purchase, but as a deeply symbolic expression of prosperity, faith, and intent.

Timed with one of India’s most significant gold-buying occasions, Akshaya Tritiya, the launch reflects a deeper cultural shift in consumer behaviour. While the festival continues to drive strong purchase intent, there is a growing preference for meaningful, purpose-led buying experiences over purely transactional consumption.

Aligned with this evolving mindset, the Ashtalakshmi coin collection has been thoughtfully conceptualised to blend tradition with deeper symbolism. Inspired by the eight sacred forms of Goddess Lakshmi, each coin represents a distinct dimension of prosperity—from wealth and nourishment to courage, knowledge, and continuity.

By bringing together Adi Lakshmi, Dhana Lakshmi, Dhanya Lakshmi, Gaja Lakshmi, Santana Lakshmi, Veera Lakshmi, Vijaya Lakshmi and Vidya Lakshmi, the collection reframes gold coins from being a generic festive purchase to a story-driven, culturally immersive product experience – one that resonates across generations and belief systems.

This launch also aligns with Bhima Gold’s larger centenary narrative of “Together Purever,” which focuses on legacy, shared traditions, and evolving consumer meaning. The collection becomes an extension of that philosophy – reinforcing how heritage brands are reinterpreting tradition for a more aware and emotionally driven consumer.

Customers can pre-book their favourite jewellery by paying just 10% in advance & get their jewellery on Akshaya Tritiya at the lowest rate, which gives customers more flexibility and helps them plan their purchases with greater confidence, especially at a time when gold prices are high.

Akshaya Tritiya has traditionally been associated with intention, belief, and the aspiration for prosperity, extending beyond a purely transactional act of buying gold. The Ashtalakshmi Coin Collection has been conceptualised to reflect this deeper cultural and spiritual significance, with each coin designed to carry a distinct meaning and sense of purpose. The initiative also aligns with evolving consumer preferences, where there is a noticeable shift towards jewellery that offers emotional, cultural, and spiritual resonance in addition to intrinsic value.

With gold prices near record highs and consumer sentiment becoming more considered, Bhima’s Ashtalakshmi Coin Collection signals a broader shift in the category — from price-led promotions to meaning-led engagement, where design, storytelling, and cultural relevance drive both differentiation and demand.

As legacy brands navigate a new era of conscious consumption, Bhima Gold’s latest offering highlights how tradition can be reimagined as experience, making gold buying not just an act of investment, but an expression of identity and belief.

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