During the meeting, GJEPC leadership, Anoop Mehta, Co-convener of Diamond Panel, GJEPC, and President, Bharat Diamond Bourse; and Sabyasachi Ray, Executive Director, GJEPC, conveyed the implications of the proposed Trump tariff hikes on the Indian gem and jewellery sector.

The session, attended by key industry stakeholders, focused on strategies to address the potential 10%-26% increase in tariffs on exports to the U.S. Shri Piyush Goyal emphasised key points during the discussion, aimed at strengthening India’s position amid evolving trade dynamics

1. The Hon’ble Minister highlighted India’s proactive role as a “first mover” in negotiating trade agreements under Prime Minister Narendra Modi’s leadership. expressing optimism about concluding talks within the agreed timelines.

2. He reassured G & J exporters, urging them “not to panic despite different speculations, and affirmed the Government’s full support to trade during this period of uncertainty.

3. Goyal also advised exporters to resist pressure from their buyers demanding discounts to offset the tariff burden and take a hit on their profitability.

4. Goyal also advised exporters to keep the flag of India as the trusted supplier flying high and not yield to enticements of rerouting supplies due to the tariff imbalances between countries, which have been created due to the new world order.

5. He also stated that the Govt. is in advanced talks for FTA with the UK, EU, New Zealand, etc., which will help the trade in getting full access to these new markets.

GJEPC urged the Government to recognise the gem and jewellery industry as one of the most affected sectors in the first phase of tariff negotiations, considering its significant dependence on the US market.

The Council highlighted the growing financial stress and high costs faced by industry units due to orders getting unserviceable due to tariffs and requested the introduction of special short-term relief measures by banks, similar to the concessions during Covid-era.

GJEPC also sought simplified financing options and support for exploring new markets to reduce overdependence on the US.

Hon’ble Minister Piyush Goyal acknowledged these concerns and assured the industry of support in easing operational challenges and help in promotion of Indian jewellery products in alternate markets.