Gem and Jewellery sector seeks urgent relief as U.S. tariff hits hard 

Gem & Jewellery Export Promotion Council (GJEPC) has sought urgent relief measures from the union government for the gem and jewellery sector, which according to it has been severely impacted by the recent 50% tariff imposed by the United States.

The GJEPC leadership, led by Chairman Kirit Bhansali, along with Vice Chairman Shaunak Parikh and Executive Director Sabyasachi Ray on Wednesday met Minister of Finance and Corporate Affairs Nirmala Sitharaman in New Delhi to seek financial relief. 

Mr. Bhansali in a statement said, “We are pleased that India–U.S. trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment.”

“We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for U.S. shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress,” he said.

“These measures will not only help safeguard jobs but also support the competitiveness of Indian exporters during this challenging period,” he added.  

The delegation also requested that the India Jewellery Park be recognized as an industrial park and included in the Harmonised Master List of Infrastructure, so it can avail all benefits applicable to industrial parks.

“The Finance Minister gave a patient hearing to the industry’s requests and assured full support to the sector, emphasizing the government’s commitment to sustain exports, protect jobs, and maintain the competitiveness of Indian gem and jewellery companies during this challenging period,” GJEPC said.