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.
BrandBuzz
PNG Jewellers Expands Presence with New Store Launch in Jalgaon with Inauguration by Marathi Industry Superstar Swapnil Joshi
Spread across 4,500 sq. ft., this large format store inaugurated by Marathi Industry Superstar Swapnil Joshi will showcase PNG Jewellers’ complete range of offerings, including exquisite collections in gold, natural diamond, silver and platinum jewellery
PNG Jewellers, one of India’s most trusted and iconic legacy jewellery brands, proudly announced the grand opening of its new store in Jalgaon, Maharashtra. The new store was inaugurated by Marathi film industry superstar Swapnil Joshi, marking yet another milestone in the brand’s ongoing expansion journey driven by strong customer demand for its jewellery.
Spread across 4,500 sq. ft., the store will showcase the very best of PNG Jewellers stunning collections like Saptam, Pratha, Katha and Eiina. Located in the fast developing suburb of Ajay Colony, Ring Road, the new space has been designed to deliver an exceptional shopping experience, blending PNG’s heritage of trust and craftsmanship with modern retail elegance and top notch service.
To celebrate the launch, PNG Jewellers has announced special inaugural offers from the 15th of August to 29th of August 2025. Customers can enjoy upto 20% off on gold jewellery making charges and upto 50% off on diamond jewellery making charges, making it the perfect opportunity to explore and own timeless designs right at the beginning of the festive season.
Sharing his excitement about the launch, actor Swapnil Joshi said, “It’s always a delight to be a part of PNG Jewellers’ milestone celebrations. This one is truly special as it is the launch of PNG’s first store in the city of Jalgaon! The people of Maharashtra deserve nothing but the best and I am so glad that PNG Jewellers has now entered this wonderful city with its amazing jewellery with such a grand showroom.”
Speaking at the launch, Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, said, “Jalgaon has been a high-potential market for us, and the decision to open a store here is a direct response to the growing demand from our customers in the region. This new store allows us to bring our complete range of products and our signature shopping experience closer to our valued patrons. We are committed to serving the people of Jalgaon with the same trust, transparency, and quality that PNG Jewellers has stood for since its inception in 1832.”
The Jalgaon store launch reinforces PNG Jewellers’ vision of expanding its footprint as Maharashtra’s strongest jewellery player while staying deeply connected to the needs of its customers. With this addition, the brand continues to tap high potential markets in India as it embarks up a nationwide expansion.
BrandBuzz
Bhima Jewellery Relaunches Its Trivandrum Flagship Showroom with Grandeur – Inaugurated by Cine Star Kajal Aggarwal
Bhima Jewellery celebrated the grand relaunch of its flagship Trivandrum showroom, inaugurated by actress Kajal Aggarwal, marking a new chapter in its century-long legacy of purity and craftsmanship.
Bhima Jewellery, India’s trusted name in purity, craftsmanship, and heritage for over a century, marked a spectacular new chapter today with the grand relaunch of its flagship showroom in Trivandrum. The much-awaited event was graced by leading cine artist Kajal Aggarwal, who inaugurated the revamped store amidst an enthusiastic and vibrant gathering of customers and well-wishers.
The ceremony witnessed the presence of prominent members of the Bhima Jewellery leadership team, including Dr. B. Govindan (Chairman), M.S. Suhas (Managing Director), Jaya Govindan, Gayathri Suhas, Navya Suhas (Directors), and Aarthi Govindan.
The redesigned showroom offers an elevated luxury experience, blending Bhima’s timeless traditions with modern elegance. Spread across multiple levels, the flagship store showcases an extensive range of jewellery – from exquisite bridal collections, traditional Kerala designs, antique treasures, diamond masterpieces, Silver and contemporary lightweight pieces, to a special curated section for platinum and precious gemstones.
Speaking on the occasion, Chairman Dr. B Govindan and Suhas MS Managing Director, Bhima Jewellery, said: “Trivandrum holds a special place in Bhima’s legacy. This flagship showroom is more than just a retail space
It’s an celebration of our 100-year journey of trust, purity, and artistry. With this relaunch, we are offering our customers not just jewellery, but a world-class shopping experience.”
Kajal Aggarwal, the guest of honour, shared her excitement: “Bhima Jewellery has been a household name for generations. I’m delighted to be part of this beautiful milestone and witness the exceptional designs and craftsmanship that truly reflect India’s rich heritage.”
The relaunch also unveiled exclusive inaugural offers for customers, valid for a limited time, as a gesture of gratitude for the unwavering support of Trivandrum’s jewellery lovers.
DiamondBuzz
BlueStone Jewellery Rs 1,541 crore IPO subscribed 66%
BlueStone Jewellery and Lifestyle’s ₹1,541 crore IPO has reached 66% subscription on the final bidding day, with QIBs leading at 85% of their allotted quota.
BlueStone Jewellery and Lifestyle’s Rs 1,541 crore IPO has been subscribed 66% overall as per the latest update on the third and final day of bidding. Among investor segments, Qualified Institutional Buyers (QIBs) have shown relatively stronger interest, having subscribed to 85% of their allotted portion.
BlueStone plans to raise up to Rs 1,541 crore via its IPO, comprising a fresh equity issue of Rs 820 crore and an OFS of 1.39 crore shares by existing investors, including Accel India III, Saama Capital II, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal.
Ahead of the IPO launch, BlueStone secured Rs 693 crore from anchor investors. In the grey market, the response to the issue has been lukewarm, with the IPO trading at a modest premium of just 0.4% over its issue price of Rs 517 per share.
The latest Grey Market Premium (GMP) for BlueStone Jewellery’s IPO is hovering between Rs 2-4 above the issue price of Rs 517 per share. This points to a potential listing price of around Rs 520, implying a modest estimated gain of about 0.4% per share.
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