GJEPC focuses US reciprocal tariff proposal

Wishes government intervention over the tariff proposal 

Top representatives of India's gems and jewellery (GJ) sector have urgently briefed Hon’ble Commerce Secretary Sunil Barthwal, IAS, on the potential repercussions of the United States' recent notice regarding reciprocal tariffs. 

According to the White House, “For many years, the United States has been treated unfairly by trading partners, both friend and foe.  This lack of reciprocity is one source of our country’s large and persistent annual trade deficit in goods-closed markets abroad reduce United States exports and open markets at home result in significant imports.”

In the context, India fear that, the US anticipates higher tariff of 5% to 20% on imports of gem and jewellery from India. The delegation, led by Shaunak Parikh, Vice Chairman, GJEPC, along with Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers' Association (SGJMA), and Sabyasachi Ray, Executive Director, GJEPC, presented a detailed overview of the industry's concerns and proposed mitigation strategies.  

India is not among the top 5 countries that export to US, India stands at 9 out of the top 10 countries. This is a much diplomatic issue rather than a trade balancing! Yet, the GJEPC is very attentive on the tariff proposal and the related anticipated pro & cons! The briefing aimed to underscore the significant impact the proposed tariffs could have on Indian exports and the broader industry. Satya Srinivas, IRS, Additional Secretary, Ministry of Commerce (MoC), and Dnyaneshwar Patil, Development Commissioner, SEEPZ were also present to offer a comprehensive understanding of the issues at hand.  

It is to bear in mind that previously, "We are being reciprocal with India," Trump said during the press conference. Donald Trump added during the press conference with Shri Narendra Modi, Prime Minister-India; “Whatever India charges, we charge them.”  

The US notice, which threatens reciprocal tariffs, has raised concerns within the Indian gems and jewellery sector, a key contributor to the nation's export revenue. The industry leaders outlined the potential economic fallout and presented specific recommendations to safeguard interests.





 

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