As talks with US stall, 173,000 gems & jewellery workers face job loss

The cancellation of trade talks between India and the US could jeopardize the jobs of 173,000 workers in India's gems and jewellery sector in the current festive season, as per industry estimates collated by a commerce ministry-backed trade council.

- Ram Sahgal

The exports of natural cut and polished diamonds alone to the US could dip by as much as 80% or $1.2 billion (equal to 1.02 million carats) during August-November this year from $1.52 billion during the same time last year, shows a survey conducted by the Gem & Jewellery Export Promotion Council (GJEPC).

Prior to 9 April, when reciprocal tariffs kicked in, the US imported cut and polished diamonds (CPD) from India at nil duty, while currently they attract 25% duty. Similarly, studded jewellery was at 5-7% duty, but now sees as high as 32% import duty into the US.