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MSMEs in diamonds, textiles, chemicals to be most hit by US tariffs

The US tariff hike to 50% on Indian goods is set to hit MSMEs hard, especially in textiles, gems & jewellery, seafood, and chemicals. With MSMEs accounting for over 70% share in these sectors, the move will squeeze margins, reduce competitiveness, and impact key clusters such as Tirupur’s RMG hub and Surat’s diamond industry. While gems & jewellery exports worth ~$10 billion face the highest exposure, pharma remains exempt. Experts suggest diversifying exports towards the UK, EU, and other markets to offset the impact.

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The imposition of higher tariffs by the US will significantly impact micro, small and medium enterprises (MSMEs), which account for as much as ~45% of India’s total exports.

Currently, the US levies an ad valorem duty of 25% on Indian goods. However, it has imposed an additional 25% tariff that will take effect from August 27, bringing the total tariff on Indian products to a substantial 50%. The additional ad valorem, if implemented, will have meaningful impact on certain sectors and remains monitorable.

The textiles, gems and jewellery and seafood industries, which account for ~25% of India’s total exports to the US, are likely to be the most affected. MSMEs have more than 70% share in these sectors and will be hit hard. Another sector likely to face the heat is chemicals, where MSMEs have a 40% share.

Says Pushan Sharma, Director, Crisil Intelligence, “Partial absorption of the increased product prices due to higher tariffs will put pressure on MSMEs, squeeze their already-slim margins and pose a material challenge to their competitiveness. For instance, those into readymade garments (RMG) are expected to lose ground in the US as the tariff increases to 61%, including 50% additional ad valorem duty, compared with peers in Bangladesh and Vietnam tariffed at 31%. The Tirupur cluster, which accounts for over 30% of India’s RMG exports, will be severely impacted as ~30% of its exports are to the US.”

Similarly, in the gems and jewellery sector, MSMEs in Surat, which dominates diamond exports with over 80% share, will feel the tariff shock. As such, diamonds account for over half of the country’s gems and jewellery exports, and the US is a major consumer of Indian diamonds, comprising nearly a third of exports.

To be sure, the tariff hikes come at a particularly challenging time for most of these sectors. For instance, RMG exports have recovered after declining 7% on-year in fiscal 2024 and logged 13% on-year growth in fiscal 2025, albeit on a low base. The gems and jewellery sector has seen exports decline 10%-a-year over the past two fiscals on compound annual growth rate basis.

Some sectors, however, remain unscathed for now. For instance, pharmaceutical products, which comprise 12% share in exports to the US, are currently exempt from tariffs.

Of the five sectors expected to see meaningful impact, gems and jewellery has the highest exposure to the US at ~$10 billion. While we expect export volumes to contract, the impact may not be fully reflected in revenue terms because of a likely runup in gold prices and sustained domestic demand. To further mitigate the impact, India can increase exports to other countries as well as leverage the benefits of the recently concluded trade deal with the UK and a potential deal with the European Union.

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Senco unveils Dhanteras Shagun Campaign and Festive Collections with Kiara Advani & Kartik Aryan

Senco Gold & Diamonds Launches Dhanteras Shagun Campaign with Kiara Advani & Kartik Aaryan, Celebrating 85 Years of Trust, Tradition, and Timeless Craftsmanship

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Senco Gold & Diamonds (Senco), one of India’s leading jewellery retailers with a legacy spanning over 85 years, proudly announces the launch of its Dhanteras Shagun Campaign this festive season with Actors Kiara Advani & Kartik Aryan. With a footprint of 192+ showrooms across the country, Senco is one of the largest Pan India Jewellery Retail Brand, headquartered in Eastern India — a name synonymous with trust, tradition, and craftsmanship.

Set against the luminous backdrop of Diwali and Dhanteras-The most auspicious time to buy gold, diamonds, silver jewellery, bars and coins, the campaign brings to life intimate, heartfelt moments of love, shared among families and near & dear ones — a husband’s thoughtful surprise, a mother-daughter tradition, a grandmother lighting diyas with devotion. Each story captures the gentle rhythm of festive life, where emotions shine brighter than the lights that adorn our homes.

Diwali, the festival of lights, celebrates the victory of light over darkness and positivity over despair. It is a time to honour bonds, embrace tradition, and express gratitude to the ones who bring meaning and strength to our lives. Rooted in a legacy of craftsmanship and emotion, Senco becomes an integral part of every family’s Shagun — a timeless promise of light, love, and legacy that shines across generations.

To celebrate the spirit of the season, Senco Gold & Diamonds proudly presents the Shagun Collection — a festive range of meticulously crafted designs in Yellow Gold, Diamonds, Antique, and Polki. Each piece in this collection is a symbol of auspicious beginnings and heartfelt blessings, designed to be passed down as heirlooms of joy and togetherness.

Complementing this signature collection are specially curated festive offerings that cater to every style and sentiment. The Lotus Collection by Everlite features trendy, lightweight jewellery in 9kt gold jewellery— inspired by the purity and prosperity of the lotus flower, and perfect for those seeking elegance with everyday wearability.

The Tattwa Collection by Gossip brings a contemporary twist to festive dressing with fashion-forward silver jewellery. It blends bold design with a vibrant, celebratory flair — ideal for those who love to express themselves with modern, statement pieces.

For men, the Aham Collection introduces a bold new range of jewellery that celebrates strength, individuality, and timeless masculinity. With refined craftsmanship and distinctive styling, it offers a unique way to express personal identity during the festive season.

Finally, Perfect Love captures the magic of rare brilliance with Hearts & Arrows cut diamond jewellery — a tribute to eternal romance. These exquisite pieces are crafted to mark the most meaningful moments, making them the perfect gift of love this Diwali.

The campaign evokes a deep sense of nostalgia, beauty, and belonging, reminding us that true prosperity is not measured by what we wear, but by the love we carry in our hearts.

At the heart of this visual narrative is Kiara Advani, a silent observer and the embodiment of Senco’s elegance and spirit. Moving gracefully through each frame, she connects one story to another — like a golden thread weaving tradition, emotion, and celebration into one seamless tapestry. Through her eyes, we see how Senco jewellery becomes an inseparable part of our sacred rituals, turning every act of gifting into a timeless expression of love and legacy.

Commenting on the same, Joita Sen (Director & Head of Marketing & Design, Senco Gold & Diamonds), said, “The Dhanteras Shagun Campaign is a poetic celebration of togetherness — where every glimmer of gold reflects the warmth of love, and every piece of Senco Gold & Diamonds jewellery becomes a cherished keeper of memories”.

Suvankar Sen (MD & CEO, Senco Gold & Diamonds) said, “Gold & silver has been one of the best performing assets in last two years and the wise decision taken by Indian Families and culture is helping the Indian Household to increase their wealth over the years and this Dhanteras they should continue. To celebrate the spirit of Dhanteras and enhance the festive shopping experience for our valued customers, Senco Gold & Diamonds is offering a range of exciting deals across all our showrooms from October 07 to October 20, 2025. Customers can enjoy a benefit of upto Rs. 700-1000 per gram CASHBACK on gold jewellery and up to 15% off on diamond jewellery buy. Additionally, we are offering 0% deduction on old gold exchange and additionally special coupon of Rs 500 on every Rs 10,000 +transaction, plus a chance to win upto 1kg of Gold— ensuring there’s something for every buyer this Dhanteras at Senco Gold & Diamonds”. 



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