Gold prices surge as tariffs threaten jobs, exports in Gujarat
The surge, driven by safe-haven demand amid global geopolitical tensions, comes at a time when India's jewellery exporters face the added blow of higher tariffs from the United States — their largest market.
"The situation is grim as gold prices went up internationally due to safe-haven demand. As a consequence, the sale of bullion slowed sharply, and jewellery demand is even weaker. If this continues, it will inevitably lead to major unemployment in the sector.
Festive season sales are expected to take a hit," said Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA).
Gold imports into Gujarat plunged 70% year-on-year to just 8.4 metric tonnes (MT) between April and July 2025, according to Ahmedabad Air Cargo Complex data.
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The Gem & Jewellery Export Promotion Council (GJEPC) estimates India's gold jewellery exports to the US at $2.81 billion in 2023-24, about 29% of total gems and jewellery exports to that market.
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The recent US announcement of a sweeping 50% tariff on all Indian goods triggered alarm in the industry. "The US is our single largest market, accounting for over $10 billion in exports — nearly 30% of our global trade. A tariff of this magnitude could bring the industry to a standstill, threatening every part of the value chain from small artisans to large manufacturers," said Kirit Bhansali, GJEPC chairman.
About 85% of exports from SEEPZ SEZ, which employs 50,000 people, are US-bound, and half of India's cut and polished diamonds are shipped to the US.
"Competing hubs like Turkey, Vietnam, and Thailand enjoy tariffs of 15–20%, making Indian goods less competitive. We appeal to the govt for immediate relief and policy support," Bhansali added.
Industry insiders warn that the combination of record-high prices and shrinking overseas orders is forcing small and mid-sized jewellers to scale back operations. "Orders for 22-carat jewellery plunged. We had a customer buy a gold and diamond ring — the diamond cost Rs 30,000, the gold barely 4.3g — yet the total was over Rs 80,000 plus taxes," said Hemant Choksi, member of the Shree Manek Chowk Choksi Mahajan. "Indian jewellers risk losing competitiveness to foreign counterparts, and working capital is shrinking at an alarming pace," he added.
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