In a move to curb the trade deficit, the US government has imposed reciprocal tariffs on Indian imports, significantly challenging Gujarat's gems and jewellery sector. Industry leaders express concerns over increased costs hindering exports to the crucial American market.
Figures indicate the US is the largest market for diamonds, with India's export reaching USD 9.95 billion in 2023-24. The tariff hike, particularly on polished diamonds to 27%, poses a substantial threat to local industry profitability, emphasized former GJEPC chairman Dinesh Navadiya.
Conversely, India's pharmaceutical and agro-chemical sectors appear resilient, escaping tariff hikes. Exemptions for key products offer a competitive edge, as outlined by industry experts. The textile industry, relying heavily on exports via intermediaries, anticipates manageable impact despite heightened US import duties.
US Tariffs Impact Gujarat's Gems But Leave Pharma Industry Unscathed
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