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US–India Trade Deal: Tariff cut to 18% brings major relief to India’s GJ sector
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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.
The All India Gem & Jewellery Domestic Council (GJC) successfully concluded the landmark 10th edition of the India Gem & Jewellery Show (GJS 2026 Diwali Edition), celebrated as #HumaraApnaShow, at the Jio World Convention Centre, Mumbai. From October 2–4, 2026, the exhibition reaffirmed its position as India’s most premium B2B jewellery platform, bringing together over 400 exhibitors, 700+ booths, and thousands of buyers and industry leaders from across India and abroad.
The show began on October 1, 2026, with the Elite Family Jewellers Meet & Business Workshop, led by India’s leading business coach Rahul Jain, designed exclusively for jewellery business owners and their families. The workshop provided participants with strategies on growth, profitability, leadership, and customer acquisition, setting the stage for an enriching exhibition.
The show was inaugurated on October 2, 2026, by Chief Guest Shri Uday Samant Ji, Cabinet Minister for Industries and Marathi Language, Government of Maharashtra, who lauded GJS as a platform that reflects the strength, creativity, and resilience of India’s jewellery industry. He emphasized Maharashtra’s role as a hub for trade and craftsmanship, noting that GJS showcases how tradition and innovation can come together to drive growth. His words set the tone for an inspiring edition that celebrated both heritage and modernity.
Guest of Honour Srinivas Injeti, Chairman NSE and Chairman of the board IAGES, Mahesh Jain, President, UP Sarafa Association, and Special Guest Rajiv Jain, Chairman, Jaipur Jewelley Show along with members of the GJC Committee of Administration and other senior industry leaders, underscoring the collective strength and unity of India’s jewellery fraternity.
On October 3, the prestigious National Jewellery Awards (NJA) 2026, presented by the World Gold Council and powered by India Gold Metaverse, honoured excellence across categories. The evening was graced by Bollywood star Sonakshi Sinha, who presented awards to the winners, adding glamour and recognition to the industry’s most coveted celebration.
Throughout the three days, GJS hosted MindSpeak Seminars, covering diverse topics across all aspects of the jewellery business — from sustainable practices and digital transformation to consumer trends, family business strategies, and the growing role of Artificial Intelligence (AI) in design, retail, and customer engagement. These sessions empowered jewellers with insights to adapt to evolving market dynamics and embrace technology-driven growth.
The exhibition also showcased exclusive collections ranging from lightweight contemporary designs to heritage-inspired masterpieces, lab-grown diamond innovations, and couture jewellery.
Rajesh Rokde, Chairman of GJC, said:
“The successful conclusion of the 10th edition of GJS is a proud moment for India’s jewellery industry. From the grand inauguration led by Shri Uday Samant Ji to the NJA awards presented by Sonakshi Sinha, this edition has set new benchmarks in innovation, networking, and business growth. The record sales figures highlight the resilience of our industry and the trust consumers place in Indian craftsmanship.”
Avinash Gupta, Vice Chairman of GJC, remarked:
“GJS2026 has proven to be the ultimate sourcing destination for jewellers nationwide. The strong participation, exclusive collections, and vibrant sales reflect the industry’s ability to balance heritage with modernity. The NJA awards further reinforced the industry’s credibility by honouring talent and innovation, making this edition truly memorable.”
Saiyam Mehra, Convenor of GJS and GJC NEXTGEN and Past Chairman of GJC, added:
“This edition of GJS was more than an exhibition—it was a celebration of resilience, creativity, and opportunity. As Convenor of GJS, I am proud to see how these platforms together showcased innovation, honoured excellence, and inspired the industry to embrace the future with confidence. The seminars, awards, and unique showcases have strengthened our collective vision for India’s jewellery sector as a global hub of excellence.”
The 10th edition of GJS concluded with resounding success, leaving behind a legacy of innovation, collaboration, and celebration that will continue to inspire the jewellery industry in the years to come.
Uday Samant, Cabinet Minister for Industries and Marathi Language, Government of Maharashtra, unveiled the JewelBuzz GJS Diwali Edition Special Issue, featuring Rajesh Rokde, Chairman, GJC, on the cover.
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.