National News
Trump tariffs bring India GJ exports to standstill; industry hopes for a swift resolution
A sudden 26% tariff imposed by the U.S. administration on Indian gems and jewelry has effectively brought exports to a standstill, leaving industry leaders scrambling and buyers hesitant, according to sector representatives. The industry now hopes for a swift resolution through government negotiations within the next three months.

“Starting tomorrow, I don’t see any exports going to the USA,” said Adil Kotwal, Chairman of the SEEPZ Gems and Jewellery Manufacturers’ Association (SGJMA). “Everybody has told us to put all orders on hold. They have told us to manufacture it and keep it ready for them.”
The short-term consequences are expected to be substantial. Approximately 64% of jewelry exports from SEEPZ, amounting to roughly $3.5 billion, are destined for the U.S. market. The tariff hike, escalating from 6% to 26%, has significantly increased upfront duties, placing pressure on exporters’ liquidity. For a million-dollar consignment, duties have surged from $60,000 to $320,000.
U.S. retailers, having recently stocked up for Mother’s Day, are currently refraining from placing new orders. “Retailers in the United States right now have enough stock for the next three months, so they are not in any rush,” Kotwal noted.While bilateral talks continue, industry leaders remain optimistic about a timely resolution. “The government has been in touch with us. And I believe that in the next three months, some resolution should come about,” Kotwal said. He added that the Indian government is advocating for a bilateral trade agreement, and that, while the 26% tariff is deemed unsustainable, a 10% rate would be more acceptable to the sector. “I think around 10%, we’ll all be very comfortable with that.”
Beyond the U.S., exporters are monitoring other key markets. Ray noted that initial optimism following the Hong Kong show in March regarding diamond exports to China has been overshadowed by the new tariff uncertainty. “If you are looking at the two big upper-end diamond markets, they are the US and China. That’s where the focus is,” he explained.
The Middle East, another important market for Indian gold jewelry, faces challenges due to rising gold prices and concerns about crude oil and consumer spending, adding to the sector’s concerns.
The industry is now anticipating a difficult period while awaiting the outcomes of trade discussions. With the U.S. accounting for $10 billion of India’s gems and jewellery exports in FY24, a resolution is deemed crucial for the sector’s long-term health.
National News
The Season’s Haute Pick: Rahul Desai Brings Luxury Learning On The Go With Loupe Insight Season 4
As luxury and premium Jewellery become increasingly important growth categories, the industry is also confronting a fundamental question, What does luxury truly mean today?
Is it an expensive product? A beautiful store? Highly personalized attention? Or an experience that customers cannot find elsewhere?
Addressing these questions, jewellery industry mentor, coach, and business strategist Rahul Desai has announced the fourth season of his podcast, Loupe Insight. Titled The New Code of Luxury Jewellery, the season brings focused luxury education to professionals on the go, translating an often abstract subject into practical sessions for the jewellery industry.
Today, the terms premium, luxury and ultra-premium are frequently used interchangeably. At the same time, many experiences positioned as luxury are simply examples of good service. This lack of clarity can influence everything from store design, merchandise selection and pricing to communication and customer engagement.
Through the new season, Rahul aims to help jewellers understand these distinctions and build a more relevant approach to luxury.
Rahul Desai, CEO & MD of IIG, and Founder of RD consultancy Said:

“Luxury is becoming a game changer for jewellery businesses, but the word itself is often misunderstood. A larger store, a more expensive collection or better hospitality does not automatically create a luxury brand. Luxury begins when every element, from the product and environment to the conversation and after-sales relationship, delivers a distinct sense of value”
Across the season, Rahul examines how the meaning of luxury is changing from distant aspiration to greater emotional and lifestyle relevance. The episodes explore subjects such as the difference between premium and luxury, the role of experience in creating perceived value, changing customer expectations, personalization, exclusivity and the new codes influencing modern jewellery retail.
The fourth season of Loupe Insight is supported by Sanghi Jewellers, Finestar Diamonds, Polygon, Jwero.ai and Svar, bringing together respected names from across the jewellery industry to support accessible, future-focused learning for the sector.
The season also challenges the belief that luxury is created only through elaborate interiors, chandeliers or champagne. Instead, it asks jewellers to look more closely at the complete customer journey: how a client is welcomed, how a jewel is introduced, how confidently its value is communicated and how the relationship continues after the purchase.
Designed as short, focused episodes, Loupe Insight makes these conversations accessible to business owners, retailers, manufacturers, designers, sales professionals and students. The “luxury on the go” format allows industry professionals to engage with important business ideas while traveling, working or moving through their day.
Drawing on more than 25 years of experience in jewellery education, retail strategy and industry mentoring, Desai brings together global luxury thinking and the realities of operating within India’s relationship-driven jewellery market.
Loupe Insight Season 4: The New Code of Luxury Jewellery continues the podcast’s larger purpose: helping the industry look beyond products and understand the forces shaping the future of jewellery business.
The new season will be available across Loupe Insight’s digital and podcast platforms.
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