Over 1.7 Lakh Jobs At Risk As US Tariffs Hit Indian Jewellery Industry

New Delhi, Aug 28 (KNN) The Indian gem and jewellery industry is bracing for significant disruption following the United States’ decision to impose a 50 percent tariff on imports. 

Saiyam Mehra, Chairman, All India Gem & Jewellery Domestic Council, said the sector had not anticipated such a steep increase, particularly after earlier duties were capped at 25 percent, ANI reported.

Mehra noted that the higher tariff could directly affect more than 175,000 workers employed in key hubs such as Surat, Mumbai’s Zaveri Bazaar, and parts of Kolkata. 

Despite the setback, he said industry stakeholders are actively seeking to cushion the impact by boosting marketing efforts across India and diversifying exports to alternative destinations, including the UAE, Saudi Arabia, Qatar and other emerging markets.

He added that recent free trade agreements (FTAs) with the UK and Australia are already yielding benefits for the sector and could help offset losses from the American market. 

Expressing cautious optimism, Mehra said the industry expects to mitigate the effects of the US tariffs within the next three to six months. 

(KNN Bureau)