National News
US hits India with 25% tariffs; GJ sector to be adversely affected
US President Donald Trump has imposed a 25% tariff on a wide range of goods from India, effective August 1, 2025, triggering alarm across the export sector and raising the spectre of a broader economic fallout. The sweeping measure, aimed at correcting what Trump described as “obnoxious” non-tariff barriers, is being seen as both a protectionist move and a pointed diplomatic signal.
Trump accused India of imposing higher tariffs on US imports and also having the “most strenuous” trade barriers.
The Indian gem and jewellery sector, in particular, stands to be severely impacted. The United States is India’s single largest market, accounting for over $10 billion in exports—nearly 30% of GJ industry’s total global trade.
The increase in tariff from Aug 1 would be 19 percentage points in the case of gold and silver jewellery (plain or studded).
These tariffs could have far-reaching repercussions across India’s economy, disrupting critical supply chains, stalling exports, and threatening thousands of livelihoods.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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