GJEPC Briefs Shri Shaktikanta Das, Hon’ble Principal Secretary to PM, on US Tariff Impact

India’s gem and jewellery sector has formally presented its key demands to the Government of India, urging for relief from US tariffs amid escalating trade tensions. GJEPC’s industry representation to the Gol encapsulates key areas requiring immediate attention under the proposed Bilateral Trade Agreement (BTA).

A high-level delegation, led by Shri Kirit Bhansali, Chairman, GJEPC, met with Hon’ble Principal Secretary to the Prime Minister, Shri Shaktikanta Das, on 14th April 2025, to advocate for the sector’s urgent needs within the proposed BTA.

The delegation included Shri Shaunak Parikh, Vice Chairman, GJEPC; Shri Anoop Mehta, Co-Convener, Diamond Panel, GJEPC and President, Bharat Diamond Bourse (BDB); Shri Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers’ Association (SGJMA); and Shri Sabyasachi Ray, Executive Director, GJEPC.

GJEPC has requested the inclusion of diamonds and coloured gemstones in Annexure Il of the U.S. Government’s Ad Valorem Reciprocal Tariff Notification. The move aims to safeguard polished diamonds from heightened duties.

Additionally, the Council recommends capping total import duties on jewellery entering the U.S. at 10%, inclusive of any ad valorem component. To address the broader trade imbalance, GJEPC has proposed that the U.S. be granted reciprocal concessions for gold and silver bullion imports into India as those extended to the UAE under CEPA.

India is open to providing duty concessions of 6-10% for U.S. jewellery exports into the Indian market under the BTA, contributing to a more balanced tariff regime.

GJEPC insists that gem and jewellery duty relief be fast-tracked under the Early Harvest component of the BTA. With only a three-month grace period in place before reciprocal tariffs kick in, there is growing concern that failure to act swiftly could bring the industry to a standstill.

Shri Shaktikanta Das gave a patient hearing and assured the delegation of the Government of India’s support in taking up the matter in the discussions with the US Government.