National News
Trump’s reciprocal tariffs spark job loss fears in GJ sector
The U.S. government’s move to impose reciprocal tariffs has sent ripples of concern through India’s gem and jewellery sector, a vital component of the nation’s economy. Here’s a breakdown of the key issues and implications:
The Core Issue: Reciprocal Tariffs and Trade Imbalance
Unequal Tariff Structures: The heart of the issue lies in the perceived imbalance in tariff structures between the U.S. and India. India currently levies a 20% tariff on gold jewellery imported from the U.S., while the U.S. applies a significantly lower duty of 5.5-7% on Indian gold jewellery. Similarly, India imposes a 5% tariff on cut and polished diamonds, whereas the U.S. has historically maintained zero tariffs on these Indian exports. This discrepancy has prompted the U.S. to consider reciprocal tariffs, aiming to create a more level playing field.
Potential Impact on Exports: The U.S. is a critical market for Indian gem and jewellery exports. Any increase in U.S. tariffs would directly raise the cost of Indian products for American consumers, potentially reducing demand and negatively impacting export volumes.
Key Export Categories at Risk: The primary export categories facing potential disruptions include:
• Cut and polished diamonds: A major export segment, historically enjoying tariff-free access to the U.S. market.
• Studded gold jewellery: A significant contributor to export revenue.
• Plain gold jewellery: Another essential export commodity.
• Lab-grown diamonds: A growing sector within the Indian gem and jewellery industry.
Economic and Social Implications for India
• Impact on Export Revenue: A decline in gem and jewellery exports would directly affect India’s foreign exchange earnings.
• Employment Concerns: The industry is a significant employer, providing livelihoods to over two million people, with a substantial portion being women and individuals from economically disadvantaged backgrounds. Tariff-induced disruptions could lead to job losses and economic hardship for these vulnerable populations.
• Industry Vulnerability: While not the single largest export driver, the gem and jewellery sector holds a vital position in India’s economy. Its labor intensive nature, and the high value of its exports makes it very important.
• Trade Relations: The tariff issue has the potential to strain trade relations between India and the U.S., potentially impacting other areas of economic cooperation.
Factors to Consider
• Market Dynamics: The extent of the impact will depend on the magnitude of the tariff hikes and the ability of Indian exporters to absorb the increased costs or find alternative markets.
• Negotiations: The outcome will also depend on the results of ongoing or future trade negotiations between the two countries.
• Lab-grown Diamonds: The lab-grown diamond market is fairly new, and very dynamic. Any tariff changes could drastically alter the market share of Indian companies in the United States.
In essence, the potential imposition of reciprocal tariffs by the U.S. poses a significant challenge to India’s gem and jewellery industry, with potential ramifications for export revenue, employment, and overall economic stability.
National News
‘Made In India’ Jewellery Must Become The World’s Trusted Choice: Chirag Paswan At IIJS Bharat Premiere 2026
- Union Minister Shri Chirag Paswan inaugurated the Bombay Exhibition Centre (BEC) venue of IIJS Bharat Premiere 2026.
- Calls on industry to build Brand India on trust, quality, innovation and reliability
Shri Chirag Paswan, Hon’ble Union Minister of Food Processing Industries, Government of India, today inaugurated the 42nd edition of IIJS Bharat Premiere 2026 at the Bombay Exhibition Centre (BEC), NESCO, Goregaon — highlighting the Indian gem and jewellery sector’s role in strengthening Brand India on the global stage.

Joining him as Guests of Honour were Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group; K.P. Abdul Salam, Vice Chairman, Malabar Group; and Lamon Rutten, Managing Director & CEO, India Gold Metaverse Pvt. Ltd. Representing GJEPC were Kirit Bhansali, Chairman; Shaunak Parikh, Vice Chairman; and Sabyasachi Ray, Executive Director.
Addressing the gathering, Shri Chirag Paswan, Hon’ble Union Minister of Food Processing Industries, Government of India, said:
“The participation of delegates from nearly 80 countries at IIJS Bharat Premiere reflects the growing global confidence in India’s gems and jewellery industry. Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, the Government is committed to introducing reforms that strengthen ease of doing business, remove bottlenecks and create new opportunities for growth. As India moves towards the vision of Viksit Bharat 2047, the jewellery sector will play a vital role.

I urge the industry to uphold the highest standards of quality and craftsmanship so that ‘Made in India’ continues to earn the trust of consumers worldwide and strengthens Brand India’s global reputation.”
Opening the ceremony, Kirit Bhansali, Chairman, GJEPC, said India has moved beyond being the world’s manufacturing hub to becoming a global leader in gems and jewellery. Recent Free Trade Agreements, India’s chairmanship of the Kimberley Process this year, Indian representation at the highest levels of global diamond bodies — including the presidency of the World Federation of Diamond Bourses and the vice presidency of the World Diamond Council — and an expanding global retail presence all stand as evidence of India’s rising influence. Bhansali reiterated GJEPC’s vision of achieving US$100 billion in gem and jewellery exports by 2047, supported by world-class infrastructure, policy reforms and skill development.
Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group, noted:

“India is far more than a market for De Beers. It is a trusted partner, a source of inspiration and increasingly a co-author of the next chapter for natural diamonds. The scale and energy of IIJS Bharat Premiere demonstrate the confidence of this industry. Despite global challenges, India continues to be the fastest-growing natural diamond market, and De Beers remains committed to supporting its long-term success through collaboration, skills development and consumer demand.”
K. P. Abdul Salam, Vice Chairman, Malabar Group, added:
“This is the moment for Indian jewellery. We have evolved from manufacturing for international brands to building Indian brands that are respected across the world. Platforms like IIJS Bharat Premiere connect our manufacturers with global buyers while showcasing India’s strengths in quality, innovation, sustainability and design. By strengthening trust, investing in branding and working together, we can take the industry to its next US$100 billion milestone.”

Highlighting technology’s growing role in jewellery retail, Lamon Rutten, Managing Director & CEO, India Gold Metaverse Pvt. Ltd., said:

“Technology is no longer just improving the way jewellers operate; it is transforming their entire business. By connecting retailers through digital ecosystems, jewellers can expand inventory, reach customers nationwide and unlock new financial opportunities without increasing working capital. The jeweller of the future will remain a trusted craftsman and advisor while becoming a national retailer, a financial gateway and a creator of wealth for the community.”
As IIJS Bharat Premiere 2026 continues, the BEC ceremonial opening set an optimistic tone for the days ahead, highlighting a shared commitment by government, industry and global partners to strengthen Brand India and position the country at the forefront of the global gems and jewellery industry.
Recognised as the world’s second-largest gem and jewellery B2B exhibition, IIJS Bharat Premiere 2026 spans over 135,000 sq. metres across two venues, featuring more than 2,100 exhibitors across 3,600 stalls. The show is expected to draw over 50,000 visitors, including 2,700+ international buyers from more than 80 countries.
The exhibition runs at the Jio World Convention Centre (JWCC), BKC, from 5 to 9 August, and at the Bombay Exhibition Centre (BEC), NESCO, Goregaon, from 6 to 10 August 2026. This year also marks 25 years of IIJS as India’s premier B2B gem and jewellery exhibition.
Running concurrently at the Bombay Exhibition Centre from 6 to 10 August, the India Gem & Jewellery Machinery Expo (IGJME) has established itself as the industry’s premier platform for advanced manufacturing technology.
The show also features The Select Club, a curated showcase of India’s finest couture jewellery; 20 Under 40, recognising emerging industry leaders; JewelStart Demo Day, spotlighting jewellery-tech startups; and Innov8 Talks, bringing together global experts to discuss the future of diamonds, AI, technology, precious metals and the evolving gem and jewellery business.
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