US slaps 50% import duty on Indian jewelry

Business Aug 26, 2025

Big news for India's gem and jewelry industry: the US has imposed a hefty 50% import tax on these products, putting a dent in $10 billion worth of exports from last year.
Since the US is India's second-biggest buyer, this move stings—especially with global demand already slowing down.

Competition with Turkey, Thailand intensifies for Indian exporters

To help out, the Indian government has bumped up duty drawback rates for silver, gold, and platinum jewelry.
But industry leaders say that's not enough—they're urging for more support since about 80-85% of exports from Mumbai SEEPZ SEZ and half of cut and polished diamond exports go straight to the US.
Meanwhile, countries like Turkey and Thailand face much lower tariffs, making competition even tougher for Indian exporters right now.