India’s Jewellery Exports Face Steep Decline Amid U.S. Tariffs

Gold necklaces are displayed during a jewellery exhibition in Srinagar, Jammu and Kashmir, on April 12, 2025. India's $32 billion gems and jewellery industry braces for a sharp decline in exports, as hefty U.S. tariffs hinder overseas sales to its largest market, industry officials say. However, the U.S. announces a 90-day suspension of the additional tariffs on India, effective until July 9 this year, according to a White House executive order. On April 2, U.S. President Donald Trump imposes universal duties on goods from about 60 countries, along with additional steep levies targeting nations such as India. In response to the U.S. tariffs, China retaliates by increasing duties on American goods from 84% to 125% as part of its latest round of measures, further escalating trade tensions between the two economic giants. (Photo by Firdous Nazir/NurPhoto)

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