National News
India’s Jewellery Exports Face Significant Decline Due to U.S. Tariffs
With the U.S. imposing a 26% reciprocal tariff, India’s $32 billion gems and jewellery industry braces for a sharp fall in exports, especially to its largest
India’s $32 billion gems and jewellery industry is gearing up for a sharp decline in exports as the imposition of hefty U.S. tariffs is expected to disrupt sales to its largest market, officials say. The United States recently imposed a 26% reciprocal tariff on India, marking a significant setback to the country’s export ambitions under President Donald Trump’s global trade policy.
“The tariff is higher than expected,” said Colin Shah, managing director of Kama Jewelry, one of India’s leading diamond jewellery manufacturers. “It is quite severe and will affect exports.”
India remains the world’s largest hub for diamond cutting and polishing, processing nine out of every ten diamonds globally. The United States accounts for nearly $10 billion—or 30.4%—of India’s annual gems and jewellery exports.
Despite its importance, the gems and jewellery sector, India’s third-largest export to the U.S. after engineering and electronics, is already struggling. The industry employs millions in India and has seen a recent downturn due to weak demand from China, resulting in a 14.5% drop in exports to $32.3 billion in the 2023-24 fiscal year.
However, industry leaders remain optimistic that a long-term bilateral trade deal with the U.S. could alleviate some of the negative impact. “We’re pretty hopeful that India could land a trade deal with the U.S. in the next few months. So, we just need to push through this tough phase for a little while longer,” said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC).
National News
MCX Gold, Silver Move North On June US Employment Report
MCX Gold Futures Reclaimed the ₹1.48 lakh Mark
MCX Gold Futures reclaimed the Rs 1.48 lakh mark, hitting an intraday high of Rs 1,48,046 per 10 grams before stabilizing around Rs 1,47,845 (up 1.43%). Spot Gold (Global) surged by 1.5% to trade at $4,185 per ounce, rapidly closing in on the $4,200 level.
MCX Silver Futures zoomed up by Rs 4,457 or 1.91% to trade near Rs 2,37,761 per kg, after touching an intraday high of Rs 2,38,216 per kg. Spot Silver (Global) climbed more than 2.3% to trade comfortably above $62 per ounce.
The primary catalyst behind the bullish reversal was the June US employment report, which indicated a cooling US economy.
Nonfarm Payrolls: The US added just 57,000 jobs in June—the lowest hiring momentum in four months—well below the market expectation of 110,000 jobs.
Unemployment Rate: The rate edged down from 4.3% to 4.2%. However, economists noted that the decline was largely due to a weaker labour force participation rate, which fell to 61.5%, rather than stronger hiring activity.
Sectoral Shifts: Professional and business services (+36,000) and healthcare (+22,000) led job gains, while the leisure and hospitality sector recorded a sharp decline of 61,000 jobs.
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