Jewellery exporters at SEEPZ in Mumbai have requested government permission to manufacture jewellery for the domestic market, anticipating job losses due to forthcoming US tariffs. The US’s reciprocal tariffs could severely impact India’s jewellery exports. Industry leaders suggest reducing import duties on US gold jewellery or permitting domestic production to safeguard jobs and sustain the sector.

Jewellery units at SEEPZ, numbering around 200, employ 50,000 permanent and a similar number of contract workers.SEEPZ-SEZ has the largest concentration of manufacturers in India for diamond-studded precious metal jewellery.

Currently, India imposes a 20% import duty on US gold jewellery, significantly higher than the 5.5-7.0% tariff levied by the US on Indian gold jewellery. Similarly, India enforces a 5% duty on cut and polished diamonds, whereas the US imposes none. Under the proposed reciprocal measures, Washington may escalate tariffs on these Indian exports, rendering them less competitive in the US market.

The impending implementation of reciprocal tariffs by the United States on Indian jewellery exports has raised significant concerns within the industry. Given that SEEPZ accounts for jewellery exports worth ₹28,000 crore annually, with 85% directed to the US, these tariffs pose a considerable threat to employment and industry sustainability.

“The government has told us that it is under consideration,” said Adil Kotwal, president of the SEEPZ Gems & Jewellery Manufacturers Association. The government will have to issue a notification to change the special economic zone (SEZ) status for the jewellery units there to sell in the domestic market, he said. “All our units are compliant according to international standards. So, if we get the bullion and diamonds for the domestic units, we can produce quality jewellery,” Kotwal said.

The jewellery export industry in India is at a critical juncture. The imposition of reciprocal US tariffs demands proactive policy measures to safeguard employment and industry viability. By either reducing import duties on US jewellery or permitting domestic sales from SEEPZ, the Indian government can provide crucial support to exporters. In the face of evolving global trade dynamics, strategic policy interventions and adaptive industry responses will be key to ensuring the resilience of India’s jewellery sector.

Women today are taking up multiple tasks effortlessly and as they move fluidly between their professional, social, and personal roles, they need jewellery to keep up with their dynamic lifestyles.

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The ‘Three Way Wearing’ Range by Divine Solitaires

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Classic Diamond Solitaire Stud

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Statement Earring

For women who want to make their presence be felt, the piece transforms into a bold, eye-catching design reflecting a rizz and confidence.

Dangling Chic

The third design adds a playful yet refined layer to the piece   that adds a touch of glamour to your outfit you wear for a soiree, a party or a special occasion.

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Gold consolidating at highs, but looks vulnerable

Gold was on track for a third straight week of gains today, following three consecutive record highs this week, fueled by the Federal Reserve’s rate drop forecasts for the year and safe-haven demand amid geopolitical and economic uncertainty.

President Donald Trump’s initial initiatives, which included extensive import tariffs, appear to have pushed the US economy toward slower growth and, at least temporarily, higher inflation.

Meanwhile, geopolitical tensions remain persistent as 91 Palestinians were killed in bombings across Gaza on Thursday, when Israel restarted bombing and military operations, effectively breaking a two-month-old ceasefire.

Technical Triggers      

If Gold Apr Futures fall below $3030 (~Rs 88200), we could see further retracement and profit-booking in prices up to $2985 (~Rs 87000).

While Silver after achieving the target of $35 (~Rs 102,000) is retracing back. If prices sustain below $33.65 (~Rs 98500), more weakness could be observed.