Rishabh Instruments consolidated net profit rises 441.21% in the June 2025 quarter
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Indian Express
28 minutes ago
- Indian Express
Trump tariffs: Why gem & jewellery sector fears rivals could undercut Indian exports
Facing a sharp blow from the US' steep tariff hike, India's gem and jewellery export industry has sought government intervention to cushion the impact and sustain its competitiveness in global markets. The sector finds itself at a crossroads, as rivals like Turkey, Vietnam and Thailand continue to enjoy significantly lower tariffs, making Indian products less attractive in the lucrative American market. The US accounts for nearly 30 per cent — or close to $10 billion — of the total gem and jewellery exports. Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), warned that unless corrective action is taken, India risks losing its hard-won position as a key supplier to the US. The threat isn't just financial — it's strategic. Bhansali expressed concern that international trade may start rerouting via low-tariff countries like Mexico, Canada, UAE, Oman and Turkey, undermining transparency and sidelining legitimate Indian players. This is particularly alarming since 85 per cent of exports from the SEEPZ Special Economic Zone — that employs over 50,000 people — are to the US. For cut and polished diamonds, the US remains the market for nearly half of India's total exports. A prolonged tariff standoff, Bhansali warned, could bring the industry to a grinding halt. The industry has asked the government to roll out a targeted scheme — similar to the Duty Drawback — that would reimburse 25–50 per cent of the new US-bound tariff burden between August and December 2025. GJEPC believes this is vital to prevent disruption across the value chain, stretching from artisanal karigars to large-scale manufacturers. In addition to tariff relief, exporters are calling for temporary financial breathing space. They've requested a six-month deferment on interest payments, a measure that echoes the pandemic-era support extended by lending institutions. With cancelled orders threatening to lock up working capital and push units towards non-performing asset (NPA) status, the Council has urged the government to allow SEZ units to release unsold stock into the domestic market. The sector is also grappling with shipment delays triggered by global uncertainty. To address this, banks are being asked to extend pre-shipment loan due dates by 90 days without penalties. The GJEPC has also called for the reintroduction of the interest subvention scheme, which could offer much-needed liquidity during a period of heightened risk. It has asked both the Centre and the RBI to consider short-term relief packages tailored to the sector's needs. Ironically, while the threat looms large, recent data points to a short-term spike in trade. Gross exports of gems and jewellery rose by nearly 16 per cent in July 2025, reaching $2.18 billion (Rs 18,756 crore), up from $1.88 billion (Rs 15,700 crore) a year ago. Imports too surged 26.5 per cent, as traders rushed to complete orders before the tariff hike took effect in August. A similar surge was seen in cut and polished diamond exports, which jumped nearly 18 per cent to $1.07 billion (Rs 9,230 crore), largely due to pre-emptive stocking by global buyers. This uptick, however, may be short-lived. Colin Shah, MD of Kama Jewelry, termed July's performance as a 'cautionary uptick' — a final flourish before the sector feels the full weight of tariff-induced drag. While new trade agreements like the India-UAE CEPA have unlocked opportunities, the broader landscape remains volatile. High gold prices, geopolitical uncertainty, and unstable metal markets continue to cloud the outlook, he said. The festive and wedding seasons in India may help absorb some of the shock by boosting domestic demand. But for the export-reliant segment, all eyes are now on the trajectory of India-US trade negotiations. With the current 50 per cent tariffs in place, sustaining recent growth could prove difficult, and industry leaders are hoping that policymakers will step in before the sparkle fades.
Indian Express
28 minutes ago
- Indian Express
Businessman cheated: Court rejects anticipatory bail plea of accused in Rs 43 crore ‘dabba trading'
In a case filed by the police for alleged cheating of a city-based businessman to the tune of nearly Rs 43 crore in 'dabba trading', a court has rejected the anticipatory bail plea of the accused. A case was filed by the L T Marg police against Ladulal Kanther, his son Pallav Kanther and nephew Shubham Mahavir Kanther earlier this month on allegations that they had cheated the complainant businessman. The court rejected the pre-arrest bail plea of Shubham on Thursday. 'The investigation is at initial stage. Yet the huge quantity of gold and money is to be recovered. The offence is of a serious nature. A detailed investigation is necessary. The possibility of tampering with prosecution evidence cannot be ruled out,' the court said. The allegations against the accused are that they had met the complainant through a chartered accountant and presented themselves to be engaged in trading of gold and silver through their firms, Maxis Bullion and Pallav Gold, with the promise of good returns on their investments. It was alleged that the complainant had initially invested Rs 2.2 crore which was repaid by the accused and subsequently invested 36.4kg gold and Rs 10.51 crore in cash between 2023 and 2024. The accused delayed repayment business citing slowdown due to gold price fluctuations and assured repayment once operations normalised. As the repayment kept getting delayed, the accused admitted to have invested in an illegal speculative gambling activity, referred to as dabba trading, for betting on stock prices outside the exchange. The complainant alleged that cheques issued by the accused for repayment too were dishonoured. Shubham in his plea claimed that he was falsely implicated and that this was not a criminal case but a civil dispute. The court said that a probe is necessary into the allegations and rejected the plea.
India Today
40 minutes ago
- India Today
Trump's tariffs put Tamil Nadu's 20,000 factories, 30 lakh jobs at risk
India's knitwear capital has raised an SOS after US President Donald Trump imposed steep tariffs on Indian exports, putting 20,000 factories and nearly 30 lakh jobs at Duraisamy, Joint Secretary of the Thiruppur Exporters Association, said the district, with 2,500 exporters and 20,000 standalone units, contributes 68 percent of India's knitwear exports.'Last year we made a turnover of Rs 44,744 crore, which is a phenomenal growth amidst the COVID lockdown, the slowing down of the Western economy and the Russia-Ukraine crisis. After this, we got 20 percent growth. Thiruppur caters to the USA, the UK, European Nations, Australia, the UAE, Saudi Arabia and African countries, of which American business is 40 percent and Europe makes another 40 percent, the UK 10 percent and the rest is 10 percent,' he dependent solely on US buyers face the brunt of the crisis. Factories manufacturing core items such as undergarments, baby suits, and sleepwear are in 'deep trouble' as razor-thin margins make it impossible to absorb tariffs.'Buyers have instructed the factories to shipout whatever goods which are ready by 27th August while also asking to absorb a certain portion of the tariff which many have agreed to. But when the second 25 percent is announced for India, it is a huge blow as no one can absorb such a blow. This has put a hold on orders with buyer instructing no more shipment of orders after 27th August,' Duraisamy Nadu Chief Minister MK Stalin has written to Prime Minister Narendra Modi seeking urgent intervention. 'In the last financial year, while 20% of India's total goods exports of $433.6 billion were to the United States, 31% of Tamil Nadu's $52.1 billion goods exports went there. This higher dependency on the US market clearly implies that tariff impact on Tamil Nadu will be disproportionately greater than for most other Indian states,' Stalin that Tamil Nadu accounts for 28 percent of India's textile exports, Stalin warned that a tariff hike could endanger millions of livelihoods. 'Especially, our textile sector employs nearly 75 lakh people and with a 25 percent tariff and a proposed 50 percent tariff, an estimated 30 lakh jobs are at immediate risk. To mitigate this crisis, it is essential to address structural issues that have long hindered our export competitiveness,' he said.- EndsMust Watch advertisementIN THIS STORY#Tamil Nadu
