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Business Standard
6 days ago
- Business
- Business Standard
Gem, jewellery exports rise 15.98% to $2.17 billion in July: GJEPC
Gem and jewellery exports witnessed 15.98 per cent year-on-year growth to $2,178.24 million (Rs 18,756.28 crore) in July amid global challenges, the Gem and Jewellery Export Promotion Council (GJEPC) said on Wednesday. Overall gem and jewellery exports stood at $1,878.09 million (Rs 15,700 crore) in the corresponding month of 2024, according to data shared by GJEPC. "The July exports are good and an encouraging sign for our industry. It mainly got a boost from successful substantial order bookings during the India International Jewellery Show (IIJS) Premiere and a strong bounce back of the Hong Kong market. This performance is heartening, especially as it comes amid global challenges, such as the ongoing impact of the US tariffs," GJEPC Chairman Kirit Bhansali said in a statement. In the recently concluded IIJS Premiere 2025, an estimated Rs 70,000-90,000 crore order bookings have been generated, which boosted the confidence of the industry ahead of the festive season, said the council. The industry, Bhansali said, is bracing for a strong demand cycle domestically and internationally, and GJEPC is also gearing up for SAJEX 2025 in Saudi Arabia this September, which is expected to open fresh trade and investment opportunities in the Gulf. According to GJEPC data, the overall exports of cut and polished diamonds (CPD) grew by 17.76 per cent to $1,071.73 million (Rs 9,230.66 crore) in July 2025 compared to $910.13 million (Rs 7,608.79 crore) for the same period of the previous year. Export of polished lab-grown diamonds in July increased by 27.61 per cent to $122.43 million (in Rs 1,054.65 crore) against $95.94 million (Rs 802.16 crore) in the year-ago period. The total exports of gold jewellery rose 16.39 per cent to $813.77 million (Rs 7,005.96 crore) in July compared to $699.17 million (Rs 5,844.28 crore) for the same period of the previous year, the data added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Fashion Value Chain
11-08-2025
- Business
- Fashion Value Chain
GJEPC Seeks Relief as US Tariffs Threaten Jewellery Exports
The US decision to impose a 50% tariff on all Indian goods has raised serious concerns for the Indian gem and jewellery industry. As the US accounts for over $10 billion in exports—nearly 30% of the sector's global trade—the move could disrupt supply chains, halt exports, and impact thousands of livelihoods. The dependency on the US market is significant: 85% of exports from SEEPZ SEZ (employing 50,000 people) and half of India's cut and polished diamonds are US-bound. Competing hubs like Turkey, Vietnam, and Thailand face much lower tariffs, putting India at a disadvantage and raising the risk of trade diversion via low-tariff countries. Despite the challenges, domestic demand remains strong. The success of IIJS Premiere 2025, with projected business of ₹70,000 crore–₹1 lakh crore, and the domestic market's expected growth from $85 billion to $130 billion within two years offer some cushioning. GJEPC is also expanding into new markets, including the upcoming Saudi Arabia Jewellery Exhibition (SAJEX). GJEPC Chairman Mr. Kirit Bhansali urges immediate government intervention through measures such as: Duty Drawback Scheme to reimburse 25–50% of new US tariffs for August–December 2025 exports. Financial Support for Market Diversification , including MAI funding for SAJEX and a planned India Jewellery Exposition Centre in Saudi Arabia. Interest Deferment on working capital loans for six months. Reverse Job Work & DTA Sales permissions for SEZ units to maintain operations and retain 1.25 lakh workers. Pre-Shipment Finance Relief with extended loan due dates. Interest Equalisation Scheme reinstatement for competitiveness, especially for MSMEs. Relief/Liquidity Packages similar to Covid-era measures. Stable Credit Ratings for the sector during the slowdown. Mr. Bhansali affirms the industry's solidarity with the Government of India, emphasising its commitment to protecting trade integrity and national economic interests during this crisis.
Time of India
07-08-2025
- Business
- Time of India
50% tariff to affect thousands of gem and jewellery jobs
Surat: In 'extraordinarily challenging times', the Indian gem and jewellery industry is staring at an unprecedented crisis after the US's announcement of a 50% tariff on Indian goods. The 25% tariff had already come into force on Indian exports to the US. Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), Kirit Bhansali, called the development deeply concerning and warned that it could have devastating consequences across India's economy, especially for the country's second-largest export sector. The US is India's largest export market for gems and jewellery, accounting for over $10 billion annually — nearly 30% of the industry's total business. The cut and polished diamond segment alone sees half its exports going to the US. The cut and polished diamond industry employs 12 lakh workers, with nine of every 10 diamonds in the world being polished in Surat. The diamond and jewellery cluster at SEEPZ SEZ in Mumbai, a major production hub employing 50,000 people, sends 85% of its output to the US. With the 50% tariff, experts fear the industry could be brought to a standstill, with ripple effects felt from diamond artisans and jewellery workers to major manufacturers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo Adding to the industry's concern is the competitive disadvantage posed by lower tariffs on countries such as Turkey, Vietnam and Thailand, which enjoy tariffs of 15-20%. "This imbalance, if unaddressed, could erode India's long-standing position as a key supplier to the US. We are also concerned about the possibility of trade re-routing through low-tariff countries such as Mexico, Canada, Turkey, UAE or Oman, undermining legitimate trade and affecting transparency," said Bhansali. The domestic market is a ray of hope, as the recently concluded IIJS Premiere 2025 jewellery fair recorded projected business worth Rs 70,000 crore, underlining the sector's resilience. With India's domestic jewellery market valued at $85 billion and expected to grow to $130 billion in two years, internal demand may help cushion the blow. GJEPC has urged the govt to implement immediate relief measures. These include introducing a targeted duty drawback scheme to cover 25-50% of the new US tariff impact, financial support for market diversification, pre-shipment finance extensions, reintroduction of the interest equalization scheme and temporary deferment of interest on working capital loans. Additionally, GJEPC also wants permission for SEZ units to engage in reverse jobwork and domestic tariff area (DTA) sales to manage order cancellations and prevent layoffs. The council also requested regulatory leniency to protect credit ratings considering business disruptions. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
