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New Indian Express

India's jewellery exporters brace for blow as US tariff hike, rising gold duties tighten margins

India's jewellery industry is staring down a tough road ahead as it prepares to face a 25% US tariff on imported Indian goods beginning August 7 —an escalation that comes amid already rising domestic gold import duties and surging material costs. Together, these twin challenges are squeezing the sector's profitability, threatening export momentum, and forcing a rethink of global strategy. The US remains India's largest market for gem and jewellery exports, contributing over 25% of the sector's overseas revenue. The upcoming tariff, announced as part of Washington's broader realignment of trade policies, is expected to make Indian jewellery significantly more expensive in the US market—cutting into demand and margins alike. 'The high import duties and soaring gold costs are creating deep challenges for the jewellery business in India,' said Sonal Sawansukha, founder of Jewel Saga, one of India's leading jewellery brand based in Jaipur. 'It pushes up the cost of production and shrinks profit margins across the board—from artisans to big jewellers. In some cases, it may even incentivise grey market activity. For Indian brands to stay globally competitive, there is a pressing need to reduce duties and create an ecosystem that supports ethical sourcing, skill-building, and innovation,' adds Sawansukha.