Latest news with #Gem&JewelleryExportPromotionCouncil
Economic Times
3 hours ago
- Business
- Economic Times
Gems and jewellery exports up nearly 16% in July, driven by diamonds and gold jewellery
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Exports of gems and jewellery in the month of July stood at US$ 2178.24 million showing a growth of 15.98 per cent as compared to US$ 1878.09 million in July last year, according to figures released by the Gem & Jewellery Export Promotion Council ( GJEPC The overall gross imports of gems and jewellery stood at US$ 1810.43 million in July showing a growth of 26.55 per cent as compared to US$ 1430.55 million for the same period of the previous overall gross exports of gems and jewellery stood at US$ 8789.67 million showing a decline of 0.11 per cent in the first four months of FY26 as compared to US$ 8799.66 million for the same period of previous year. The overall gross imports during the same period stood at US$ 7189.907 million showing a growth of 4.21 per cent as compared to US$ 6899.74 million for the same period of the previous GJEPC figures show that the gross export of cut & polished diamonds has witnessed a growth of 17.76 per cent at US$ 1071.73 million in July as compared to US$ 910.13 million for the same period of previous overall gross imports of cut & polished diamonds stood at US$ 113.75 million in July is showing a growth of 32.02 per cent as compared to US$ 86.16 million in July of export of Polished Lab Grown Diamonds for the period July 2025 stood at US$ 122.43 million showing a growth of 27.61 per cent over the comparative figure of US$ 95.94 million for the previous total gross export of gold jewellery stood at US$ 813.77 million in July showing a year-on-year growth of 16.39 per cent. The total export of plain gold jewellery stood at US$ 352.37 in July showing a growth of 15.61 per cent as compared to US$ 304.79 for the same period of previous total export of studded gold jewellery at US$ 461.4 in the month of July showing a growth of 16.99 per cent as compared to US$ 394.38 for the same period of previous year.
DW
a day ago
- Business
- DW
Indian workers fear economic downturn under Trump's tariffs – DW – 08/11/2025
India's labor-intensive textile, jewelry, and auto parts industries are likely to be among the hardest hit by Trump's 50% tariffs. After US President Donald Trump ordered additional tariffs on Indian exports last week, anxiety is spreading among millions of workers, especially those in the jewelry and textile industries. Jagdish Prajapati, 49, is a diamond worker in Surat, one of the world's largest diamond polishing hubs in India's western Gujarat state. "We have already been grappling with an economic slowdown over the past few years, with problems stemming from the Russia-Ukraine war. The burden of steep US tariffs especially on Indian diamond, gem, and jewellery exports has created more fear," Prajapati, who has been polishing diamonds for over 20 years, told DW. "Many workshops are already cutting back hours and halting new hiring. If the tariffs come, it will leave families struggling to make ends meet," added Prajapati. According to the Diamond Workers Union Gujarat, there are about 800,000 to 1 million diamond workers in Gujarat, employed in roughly 6,000 diamond polishing units. "The US our single largest market, accounting for over $10 billion in exports — nearly 30% of our industry's total global trade. A blanket tariff of this magnitude is severely devastating for the sector," said Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council. "For cut and polished diamonds, half of India's exports are US-bound. With the revised tariff hike, the entire industry may come to a standstill, placing immense pressure on every part of the value chain — from small workers to large manufacturers," added Bhansali. Trump last week added a 25% tariff rate to a previously announced levy of 25%, bringing the total to 50% for good from India. The White House said India's continued purchases of Russian oil are enabling Russia's war machine in Ukraine, and are undermining US efforts to bring the war to an end. Russia is currently the single largest seller of Indian oil imports. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The US tariffs apply to Indian exports like gems, textiles, automotive parts and footwear. Electronics, smartphones and pharmaceuticals remain exempt, for now. Even so, the tariffs threaten a significant portion of India's export economy to the US, which is valued at nearly $87 billion (€74.7 billion) annually, representing about 2.5% of India's GDP. The 50% rate is due to take effect on August 27, leaving the door open for potential negotiations. India was one of the first countries to initiate trade and tariff talks with the second Trump administration, when Prime Minister Narendra Modi met Trump in February. The two leaders had then announced a target to double bilateral trade to $500 billion by 2030. However, ties have now been strained by the new tariff rate and Trump's insistence that India stop buying Russian oil. In the textile city of Tiruppur in the southern state of Tamil Nadu, millions are employed in knitwear and garment factories. About 30% of Tiruppur's exports go to the US, particularly in the cotton and knitwear segment. This amounted to $5.1 billion (€ 4.4 billion) in the last financial year, according to exporters associations. The industry, which directly employs around 1.25 million workers in the wider textile belt of Tiruppur, Karur and Coimbatore, faces the risk of 100,000–200,000 job losses if exports contract in the coming months. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video "With prices of Indian goods rising in the US due to these duties, trade is expected to suffer significantly. It will hit the industry and we will need to see how this plays out," K M Subramanian, President of the Tirupur Exporters' Association, told DW. The tariffs are set to make Indian textiles more expensive for US buyers compared to competitors like Vietnam, Bangladesh, or Pakistan. Tiruppur has a reputation for high-quality, eco-friendly knitwear, and has established relationships with global brands like Walmart, GAP, and Costco. "Standalone exporting companies will be hit first. When the first round of 25% tariffs was imposed, we were sent to the intensive care unit. But with the additional 25% penalty tariff because of Russian oil, it looks as if we have been placed in a coma," Kumar Doraiswamy of Eastern Global Clothing told DW. "It has put exporters in crisis, which threatens jobs, revenues, and the global standing of India's textile sector," added Doraiswamy. Similarly, India's automotive components sector faces the risk of declining orders as tariffs increase costs for buyers in the US. From 2024 to 2025, the US accounted for 27% of the $22.9 billion worth of auto components exported from India. "It is a headwind... a big one. However, a lot of other competing countries, including China, are in the same boat. Honestly it is a wait-and-see situation as one does not know what tomorrow holds," Vinnie Mehta of the Automotive Component Manufacturers Association (ACMA) of India told DW. "The US is our largest export market, followed by the EU," added Mehta. India has been actively engaging in ongoing trade talks with the US to find diplomatic solutions and de-escalate trade tensions amid the row over Russian oil. At the same time, New Delhi is encouraging Indian industries to diversify exports beyond the US by exploring new international alliances and trade deals. Affected sectors could see also some relief from the Indian government, such as credit guarantees and loan moratoriums for small and medium enterprises. Lekha Chakraborty, a professor at National Institute of Public Finance and Policy in New Delhi, told DW that short-term, sector-specific setbacks will be massive if economic diplomacy fails to avert the high tariff rate. Chakraborty said India can overcome the crisis by diversifying its trading partners. She added India's central bank can also set policies that will attract more foreign investment, such as effectively managing interest rates. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
New Indian Express
a day ago
- Business
- New Indian Express
Trump's 50 per cent tariff threat puts India's gem and jewellery exports at risk: GJEPC chief Kirit Bhansali
MUMBAI: The announcement of a sweeping 50% tariff on all Indian goods by the United States is a deeply concerning development and blanket tariff of this magnitude is severely devastating for the sector, Kirit Bhansali, Chairman of Gem & Jewellery Export Promotion Council (GJEPC) said on Monday. The United States is industry's single largest market, accounting for over $10 billion in exports, nearly 30% of their total global trade. 'There is significant dependency on the US market, as 85% of exports from SEEPZ SEZ, which provides 50,000 jobs, is directed there. For cut and polished diamonds, half of India's exports are US-bound. With revised tariff hike, the entire industry may come to a standstill, placing immense pressure on every part of the value chain—from small karigars to large manufacturers,' said Bhansali. "What adds to the concern is that competing manufacturing hubs such as Turkey, Vietnam and Thailand continue to enjoy significantly lower tariffs of 15%, 20% and 19% respectively, making Indian products relatively less competitive in the US market. This imbalance, if unaddressed, could erode India's long-standing position as a key supplier to the US,' he added.
Economic Times
5 days ago
- Business
- Economic Times
Who will be hit hardest by Trump's 50% tariff on India? A sector-wise breakdown
Synopsis President Trump's doubled tariffs on Indian goods, now at 50%, are poised to severely impact key sectors. Auto parts, jewellery, textiles, and seafood industries face significant export losses, prompting businesses to explore alternatives in Dubai and Mexico. While pharmaceuticals are currently spared, broader economic consequences loom, including potential job losses, reduced investment, and a weaker rupee. Agencies US President Donald Trump US President Donald Trump has doubled down on his protectionist trade policies by imposing an additional 25% duty on Indian goods, pushing the total tariff burden to 50%. While Trump brands India a "tariff king", data shows that India has gradually eased tariff and non-tariff barriers in recent years, particularly benefiting the the latest move could hit labour-intensive Indian industries hard and has prompted businesses to scout for alternatives abroad. India exports $7 billion (Rs 61,000 crore) worth of auto parts to the US every year. With tariffs doubling to 50%, the industry fears a severe blow. Read full report Earlier: 25% duty on cars, small trucks, and parts Now: 50% duty on same items Components for CVs, tractors, earthmovers also hit A senior auto industry executive told ET that the tariff will 'wipe out price competitiveness.'With the US being India's largest jewellery export market (worth $10 billion), the 50% duty is seen as catastrophic. Read full report. UAE faces just 10% duty Mexico pays 25% India may pay 50% Gem & Jewellery Export Promotion Council chairman Kirit Bhansali called it a 'doomsday' and said exporters are exploring new manufacturing bases Indian textile industry has proposed removal of the 11% duty on raw cotton imports as a bargaining chip in trade talks. Read full report. India may offer lower tariffs on US farm goods: Walnuts, almonds, apples, return, it could push for better access for garments and yarnsIndia exports Rs 60,000 crore worth of seafood, mostly shrimps, to the US annually. The 50% duty threatens to shrink nearly Rs 24,000 crore in business. Read full report. Competitors pay lower US tariffs: Ecuador: 10% Indonesia: 19% Vietnam: 20% India's geographical disadvantage and higher tariff burden may shift orders far, pharmaceutical exports remain spared, likely due to a US national security review under Section 232 of the Trade Expansion Act, 1962. Read full drug makers fear future retaliation, especially if tariffs become a bargaining tool tied to Russian oil US is still investigating pharma imports, leaving the door open for future economic fallout: Jobs, capex, and rupee at risk Economists warn that Trump's tariff strike could disrupt India's growth story- Read full report. Labour-intensive sectors like textiles, gems, and seafood will feel the heat Private investments (capex) may slow due to reduced export visibility The rupee could weaken if exports shrink significantly 'The second-round impact on capex, domestic manufacturing and labour markets could emerge as a key risk,' said Sakshi Gupta, Principal Economist, HDFC bilateral talks expected soon, much hinges on whether diplomacy can reverse this tariff tide—or whether Indian exporters will be forced to shift supply chains out of India.
Time of India
5 days ago
- Automotive
- Time of India
Who will be hit hardest by Trump's 50% tariff on India? A sector-wise breakdown
US President Donald Trump has doubled down on his protectionist trade policies by imposing an additional 25% duty on Indian goods, pushing the total tariff burden to 50%. While Trump brands India a "tariff king", data shows that India has gradually eased tariff and non-tariff barriers in recent years, particularly benefiting the US. Still, the latest move could hit labour-intensive Indian industries hard and has prompted businesses to scout for alternatives abroad. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Auto parts industry: Half of $7-Billion exports at risk India exports $7 billion (Rs 61,000 crore) worth of auto parts to the US every year. With tariffs doubling to 50%, the industry fears a severe blow. Read full report by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Quote Undo Earlier: 25% duty on cars, small trucks, and parts Now: 50% duty on same items Components for CVs, tractors, earthmovers also hit A senior auto industry executive told ET that the tariff will 'wipe out price competitiveness.' Jewellery exporters eye Dubai, Mexico to escape the 'doomsday' With the US being India's largest jewellery export market (worth $10 billion), the 50% duty is seen as catastrophic. Read full report. Live Events UAE faces just 10% duty Mexico pays 25% India may pay 50% Gem & Jewellery Export Promotion Council chairman Kirit Bhansali called it a 'doomsday' and said exporters are exploring new manufacturing bases abroad. Textile industry wants raw cotton duty removed for trade bargain The Indian textile industry has proposed removal of the 11% duty on raw cotton imports as a bargaining chip in trade talks. Read full report. India may offer lower tariffs on US farm goods: Walnuts, almonds, apples, cranberries. In return, it could push for better access for garments and yarns Seafood sector may lose Rs 24,000 crore opportunity India exports Rs 60,000 crore worth of seafood, mostly shrimps, to the US annually. The 50% duty threatens to shrink nearly Rs 24,000 crore in business. Read full report. Competitors pay lower US tariffs: Ecuador: 10% Indonesia: 19% Vietnam: 20% India's geographical disadvantage and higher tariff burden may shift orders elsewhere. Pharma may escape the tariff hammer, for now So far, pharmaceutical exports remain spared, likely due to a US national security review under Section 232 of the Trade Expansion Act, 1962. Read full report. India's drug makers fear future retaliation, especially if tariffs become a bargaining tool tied to Russian oil imports. The US is still investigating pharma imports, leaving the door open for future action. Broader economic fallout: Jobs, capex, and rupee at risk Economists warn that Trump's tariff strike could disrupt India's growth story- Read full report. Labour-intensive sectors like textiles, gems, and seafood will feel the heat Private investments (capex) may slow due to reduced export visibility The rupee could weaken if exports shrink significantly 'The second-round impact on capex, domestic manufacturing and labour markets could emerge as a key risk,' said Sakshi Gupta, Principal Economist, HDFC Bank . With bilateral talks expected soon, much hinges on whether diplomacy can reverse this tariff tide—or whether Indian exporters will be forced to shift supply chains out of India.
