The GJEPC outlined key demands aimed at safeguarding exports and securing reciprocal concessions. Among other things, it urged a cap on total import duties for jewellery entering the US, recommending a ceiling of 10%, inclusive of ad valorem charges
New Delhi: As trade tensions with the United States continue to escalate, India’s gem and jewellery sector has formally appealed to the Government of India for immediate tariff relief under the proposed Bilateral Trade Agreement (BTA). The industry, represented by the Gem & Jewellery Export Promotion Council (GJEPC), has outlined key demands aimed at safeguarding exports and securing reciprocal concessions.
A high-level GJEPC delegation, led by Chairman Kirit Bhansali, met with the Principal Secretary to the Prime Minister, Shaktikanta Das, at the Prime Minister’s Office in South Block. The delegation included Shaunak Parikh, Vice Chairman, GJEPC; Anoop Mehta, Co-Convener of the Diamond Panel at GJEPC and President of the Bharat Diamond Bourse (BDB); Adil Kotwal, President of the Seepz Gem & Jewellery Manufacturers’ Association (SGJMA); and Sabyasachi Ray, Executive Director, GJEPC. They presented a comprehensive proposal outlining the sector’s pressing concerns and the need for immediate government intervention.
The discussion highlighted the Council’s key request to include diamonds and coloured gemstones in Annexure II of the US Government’s Ad Valorem Reciprocal Tariff Notification—aimed at shielding Indian polished diamond exports from high import duties.
The GJEPC has also asked for a cap on total import duties for jewellery entering the US, recommending a ceiling of 10%, inclusive of ad valorem charges. To address trade imbalances, the Council further proposed that the US be granted reciprocal concessions for gold and silver bullion imports into India, similar to those offered to the UAE under the Comprehensive Economic Partnership Agreement (CEPA).
In a gesture towards mutual benefit, India is prepared to offer duty concessions ranging from 6% to 10% for US jewellery exports under the BTA. These measures are aimed at fostering a more balanced and equitable trade environment between the two nations.
Highlighting the urgency of the situation, GJEPC stressed the need to fast-track duty relief measures as part of the BTA’s Early Harvest component. With a three-month grace period before reciprocal tariffs take effect, the Council warned that delays could severely impact the sector, potentially bringing exports to a halt.
Shaktikanta Das assured the delegation that the Government is committed to supporting the industry and will raise the matter in upcoming discussions with US officials.
Retail Jeweller India News
