GJEPC: US-CHINA TRADE WAR – A “$6 BILLION OPPORTUNITY” FOR INDIA
Pramod Agarwal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) in India, said that the new American 10% duty on imports of Chinese gem and jewellery goods presents the Indian industry with a “$6 billion” opportunity.
As Chinese jewellery imports have risen in price due to the new duty, the Indian gem and jewellery industry can “step in and fill the gap”, Agarwal said. According to Gem Konnect, Agarwal spoke during the 36th edition of the India International Jewellery Show (IIJS Premiere) in Mumbai last week.
Agarwal also spoke of the Regional Comprehensive Economic Partnership (RCEP), which consists of ten member countries as well as its free trade agreement (FTA) partners India, China, Australia, New Zealand, South Korea and Japan. “Our vision is to increase gem and jewellery exports to $75 billion and create an additional 2 million jobs by 2025”, the GJEPC Chairman said.