National News
GJEPC Trade Meet Addresses US Reciprocal Tariff Challenges
GJEPC convened an exclusive trade meet in hybrid mode on 6th October at Bharat Diamond Bourse (BDB) to address the mounting challenges faced by India’s gems and jewellery industry due to US reciprocal tariffs and explore legal pathways to mitigate their impact.
In his keynote address, Kirit Bhansali, Chairman, GJEPC, outlined the current state of affairs and potential solutions during these uncertain times. The meet, which was attended online and in-person by over 200 participants, highlighted worrying US export figures. India’s gems and jewellery exports to the US dropped by 34.39% during April-August 2025 compared to the same period last year, falling from $3.9 billion to $2.56 billion. Natural cut and polished diamonds were hit hardest, with exports plummeting by nearly 51% in value terms and 35% in volume.
Meanwhile, overall exports to the world grew marginally by 2.93%, with significant increases to the UAE (60.79%), Hong Kong (16.14%), and the Netherlands (69.25%).
Sabyasachi Ray, Executive Director, GJEPC, outlined the Council’s diplomatic efforts since the tariff announcement. Working closely with international entities including De Beers, WFDB, and WDC, GJEPC has lobbied for diamonds and gemstones to be recognised as raw materials – similar to gold, silver, and platinum. This advocacy bore fruit on 5th September when diamonds were included in Annex III of the US reciprocal tariff framework, making them potentially eligible for duty-free treatment with “aligned partner” countries.
Supreme Kothari, Partner at Economic Laws Practice (ELP), presented legal strategies to reduce tariff impact, including leveraging US content exemptions, utilising Chapter 98 provisions for goods sent for foreign processing, and exploring opportunities in tariff-friendly jurisdictions like Mexico, Canada, and Singapore.
GJEPC has also submitted comprehensive relief proposals to various government ministries, including extending export obligation periods, allowing reverse job work in SEZs, banking relief measures, and support for affected workers through loan restructuring and health insurance coverage.
The Council continues to await a crucial ruling from US Customs and Border Protection (CBP) regarding whether jewellery manufactured from US-refined gold qualifies for the US content exemption, which could significantly reduce the tariff burden.
As negotiations for the India-US Bilateral Trade Agreement continue, the industry remains hopeful that relief measures will provide breathing room until a permanent solution emerges.
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.
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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