National News
US–India Trade Deal: Tariff cut to 18% brings major relief to India’s GJ sector
Luxury jeweller brings its signature blue experience to one of Europe’s most exclusive alpine destinations during ski season.
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The Indian gems and jewellery industry welcomes the strategic US India trade agreement slashing reciprocal tariffs from 50% to 18%. This decisive move follows a challenging period where exports to the US plummeted by 44.42% (to $3.86 billion) between April and December 2025.As the US accounts for 30% of industry sales, the previous 50% duty significantly hampered India’s global competitiveness.
In the first nine months of this fiscal, exports to the US have already fallen 44 per cent to $3.86 billion against $6.95 billion logged in the same period last year.Overall gem and jewellery exports between April and December was flat y-on-y at $20.75 billion.
Nearly 32 per cent of the sector’s total exports are directed to the US, which makes the sector vulnerable to trade disruptions. However, with the tariff rate now moderating to 18 per cent, Indian textile exports are once again looking competitive compared with Asian peers, said a leading exporter.
Experts had noted that 50 percent tariffs had significantly moderated Indian exports to US, with second-order hits on employment-heavy sectors like textiles and jewelry. Further, the move exacerbated FPI selling, which may see a reversal.
Kirit Bhansali, Chairman, GJEPC
The US-India Trade deal offers vital relief to India’s gem and jewellery sector amid U.S. tariff pressures. The U.S. accounts for 31% (US$ 9.23 billion) of FY 2024–25 exports—India’s largest market. Tariff cuts lower costs for U.S. importers, provides immense relief to diamond jewellery manufacturers, boost competitiveness of Indian diamond jewellery, revive demand, and stabilize operations.
GJEPC is optimistic that based on India signing the trade deal loose diamonds and coloured gemstones from India will get the benefit of zero duty imports in USA vide Annexure 3 of the U.S. reciprocal tariff list, providing much-needed support for diamond exports. This will enhance trade flows, rebuild confidence, and deliver a strong sector-wide boost.
Colin Shah, MD, Kama Jewelry
The news of reciprocal tariffs being slashed to 18% comes as a great relief to the Indian gems & jewellery sector and is well revered. The USA has been a prominent consumer market of Indian Gems & Jewellery and the sentiment had taken a hit due to the tariff implications. This partial relaxation will reinstate confidence in Indian jewellery manufacturers and exporters as well the buyers in the American market.
We are thankful to the Indian government for striking a balanced negotiation and look forward to further relaxation in tariff, in the best interest of India’s economic growth.
Rajesh Rokde,Chairman, GJC
The reduction in US tariffs marks a pivotal moment for India’s gems and jewellery sector. It is not merely a financial adjustment, but a recognition of the unmatched artistry and craftsmanship that our industry brings to the world. By lowering barriers in one of the largest consumer markets, our exporters will gain a stronger foothold, while our artisans will see their creations reach new audiences. This strengthens our global competitiveness and instills confidence across the supply chain, from manufacturers to retailers.
Avinash Gupta,Vice Chairman, GJC
The slash in US tariffs is a landmark achievement that will directly benefit small and medium enterprises, which form the backbone of India’s jewellery industry. While larger exporters have long had the scale to navigate international markets, SMEs often struggle with tariff barriers that limit their competitiveness.
This reduction opens doors for thousands of smaller businesses to expand into the US market, translating into higher exports, stronger revenues, and most importantly, job creation at the grassroots level.
Gems and jewellery stocks were in the limelight on Tuesday after India- US trade deal was announced. Shares of Goldiam International skyrocketed 20 per cent, Vaibhav Global zoomed 20 per cent, Kalyan Jewellers India jumped 7.61 per cent and Senco Gold edged higher by 7.41 per cent on the BSE.The stock of Shringar House of Mangalsutra jumped 6.61 per cent, P N Gadgil Jewellers advanced 6.25 per cent, PC Jeweller surged 5 per cent and Titan climbed 4.68 per cent.
National News
P N Gadgil Jewellers Delivers Robust 9M FY26 Performance with Revenue of ₹71,948 Mn, EBITDA Up 105.3% and PAT Growth of 104.5% YoY
Strong festive and wedding-led demand drives robust revenue growth, higher profitability, and improved store-level performance in Q3 and 9M FY26
P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting around 193 years of excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter and nine months ended 31 st December, 2025.
During the period under review, total revenue excluding the other segment grew by 45.6% YoY (Q3 FY26 vs. Q3 FY25) and by 41.0% YoY (9M FY26 vs. 9M FY25). The following summary presents the revenue breakdown:
• Retail segment is 83.2% of our total sales, continues to lead the way, achieving an impressive Revenue growth of 46.2% an EBITDA margin of 10.1% and a PAT margin of 6.5%.
• For 9M FY26, average revenue per store stands at around Rs. 1,090.1 million, while net profit per store reached Rs. 48.4 million, demonstrating strong efficiency and profitability at the store level.
Operational Financial Highlights
• Product-wise Performance: For nine months ended FY26, the Silver category delivered a strong performance with 96% growth in value and 56% growth in volume, while Diamond sales also improved, recording over 50% rise in volume Y-o-Y, resulting in the stud ratio reaching 8.4%.
• Festive Sales Surge: Festive sales remain a key driver of our success. Dussehra alone delivered the company’s highest-ever single-day festive sales of ₹1,900 Mn increased by 64% Y-o-Y. The company recorded festive season sales of ₹ 6,060 Mn during Diwali, registering a robust 74% growth as compared to the previous year.
• Customer Footfall and Conversion Rate: A 33% increase in footfall, coupled with a strong Conversion rate of 94%, further fuels our growth, reflecting increased Demand, customer engagement and sustained purchasing behaviour at the store level.
• Increased Transaction Count and ATV: As customer engagement continues to rise, there has been a notable uptick in both transaction volumes and average spending per visit. The transaction count grew by 35%, taking the Average Transaction Value (ATV) to Rs. 103.1k.
Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said, “The quarter witnessed strong momentum, supported by healthy Festive and wedding-led demand. Revenue from operations increased 35.6% YoY to Rs. 33,026 Mn in Q3 FY26, despite gold price volatility. Demand remained broad-based across core markets, led by gold jewellery, new designs and an increasing preference for lightweight and studded jewellery, supported by strong brand recall and customer trust. Profitability improved significantly during the quarter, with PAT rising 98.6% YoY to Rs.1,709 Mn, supported by a favorable product mix, higher contribution from Studded jewellery, along with disciplined cost management, resulted in meaningful margin expansion. Retail continued to be the primary growth driver, complemented by strong growth in e-commerce and steady performance in the franchise segment. The Company continued to execute its expansion strategy with the addition of three new company-owned stores this quarter at Moshi (Pimpri-Chinchwad), Patna (Bihar), and Viman Nagar under the LiteStyle format, taking the Company’s total retail footprint to 66 stores as of December 2025. Going ahead, management remains focused on driving same-store sales growth, maintaining healthy inventory turns, and sustaining profitable growth, supported by continued upcoming festive & wedding led demand.”
source: PNG Jewellers
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