National News

SEEPZ jewellery exporters want govt nod to manufacture for the domestic market amid job loss fears

Published

2 years ago

March 21, 2025

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.

National News

Belgian Consul General H. E. Mr. Pierre Stverlynck Graces BDB Annual Day

Published

15 hours ago

October 19, 2026

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Event marks 42 years of Incorporation and 16 years of Operations
Recently-appointed Consul-General’s first visit to the Bourse helps strengthen a century-old bond
Long service awards presented to outstanding employees

Bharat Diamond Bourse today marked 42 years of incorporation and 16 years since the commencement of operations at the BDB Complex in BKC with a special programme graced by H. E. Pierre Stverlynck – Consul General of Belgium in Mumbai as Chief Guest and a number of leading diamantaires.

The function was organised to celebrate the crucial roles played both by the visionaries who conceptualised the need for a centralised infrastructure to boost the diamond trade over four decades ago, and the employees who have run the daily operations in a highly efficient and professional manner.

In his Welcome Address, BDB Vice President, Mehul Shah explained the significance of celebrating twin milestones – 42 years of incorporation and 16 years of operations. He said:

“BDB began with a vision and is now the world’s largest operational bourse, and a symbol of India’s leadership in the diamond world and excellence in every aspect of operations.”

He added, “It is significant that the Consul General of Belgium is with us on this special occasion. Antwerp and Mumbai have a very close relationship, going back more than 100 years. Today the two cities have bonds based on trust, trade and friendship. We are committed to strengthening this bond over the next century as well.”

Congratulating the awardees he said that members may be the owners, but it is the staff who run the complex and have helped build it as the “best of the best” centres for diamonds. “Personal integrity combined with hi-tech surveillance have made BDB one of the safest places in the world,” he explained, and urged all present never to forget that “it is the soldiers who fight and win the wars.” Mr Shah offered compliments to all the awardees and congratulated Team BDB.

Speaking on the occasion, Anoop Mehta, President BDB, welcomed Mr Stverlynck who has recently assumed charge as Consul General of Belgium in Mumbai.

“We are sure that this will be the first of many visits to our Bourse,” he said, noting that the Consulate is the nearest neighbour of the complex.

“The BDB leadership has always enjoyed a very special relationship with the Belgian consulate,” he added, “built on the longstanding bonds between the diamond industry in our two countries.”

Mr Mehta said it was heartening that so many employees had remained loyal to the BDB for multiple years, and urged all gathered to reach out through their department heads to put forward suggestions for further changes and improvements

Mr Stverlynck, who was on his first visit to the Bourse after assuming charge as Consul General, said he was extremely impressed with the facilities available for exporters within the complex. Assuring the trade of cooperation and support, he said he was happy to be personally present to celebrate such a remarkable institution as BDB that has become a key pillar of the India diamond industry.

Congratulating the leadership for its role in steering the bourse, as well as those employees who had received long service awards, Mr. Stverlynck said:

“The consolidated knowledge and experience of so many from those at the top to a number of others who contributed in various ways, is an asset to the industry.”

Special long service awards were presented to employees who completed special milestones during the year. These included 30-year, 25-, 15-, 10- and 5-year service awards to a few employees.