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INDIA’S GEM INDUSTRY HAS “$1 BILLION OPPORTUNITY”

The latest tariffs imposed on Chinese imports could benefit India's gem and jewellery industry
Indian Wedding Jewelry
Credit: Xubayr Mayo / shutterstock.com

The ongoing “trade war” between US and China isn’t all bad news: According to India’s Gems and Jewellery Export Promotion Council (GJEPC), India may be looking “a $1-billion opportunity” from the latest tariffs imposed by President Trump on Chinese imports.

 

Gold Jewelry India
Credit: NadyaRa / shutterstock.com

 

According to Art of Jewellery, the US recently levied a 10% import duty on gems and jewellery from China, which increased the tariff to 20.5%. The US also imposed a 5.5% tariff on import of jewellery from India, but India still has “a 15% advantage over China”. Colin Shah, vice-chairman of GJEPC, wants his country to pick up the slack: “Given that Thailand and Vietnam have already started grabbing the opportunity emerged after the US-China trade war, we are looking at a $1-billion opportunity for India while the remaining will go to other South East Asian countries”, he said.

 

Jewelry store China
Credit: Iris Hortman

 

According to the piece, India’s annual gems and jewellery export to the US stands at $10 billion. If it cashes in on the “trade war”, this number could jump to $11 billion this year.



Tags: Diamonds News, Jewelry News, Diamond Industry News, India News

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