India’s gems and jewellery sector hopes to tap a $1-billion export opportunity arising out of an ongoing trade war between the United States (US) and China.
The opportunity came India’s way after the US levied a 10 per cent import duty on import of gems and jewellery from China, taking the tariff to 20.5 per cent. A few months ago, the US imposed a 5.5 per cent tariff on import of jewellery from India which still leaves the country with a 15 per cent advantage over China.
The US is the largest consumer of gems and jewellery in the world contributing nearly 40 per cent of the global production.
In order to lure US jewellery consumers, Gems and Jewellery Export Promotion Council (GJEPC), recently organised a buyer-seller meet which was attended by 23 leading jewellery players in the United States.
Many Indian jewellers showcased their innovations to attract US business which otherwise would have gone to China. Two similar events are scheduled to be organised this year.!