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US$ 1-billion of jewellery export potential to US

Leveraging the tussle between the US & China, India’s gems and jewellery sector hopes to tap a US$ 1-billion export opportunity to US. Although US has imposed a 5% tariff on gems & jewelley sourced from India, the latter has nothing to lose since the US also levied a 10% import duty on import of gems and jewellery coming from China, pushing the tariff to 20.5%.

“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,” stated Colin Shah, vice-chairman, Gems and Jewellery Export Promotion Council (GJEPC).