US tariff hike on diamonds, jewelry: India exporters seek help
India's diamond and jewelry sector is in a tough spot after the US suddenly hiked tariffs—now up to 57% on jewelry and 50% on polished diamonds.
Since the US is India's top buyer (think ₹46,000 crore in diamond exports alone), this move threatens long-standing trade ties and puts pressure on the livelihoods of over 800,000 skilled workers.
Industry leaders are urging the government to step in fast.
Exporters are asking for more time to fulfill US orders
To cope, exporters are asking for more time to fulfill US orders (extending deadlines from 90 to 270 days) and permission for Special Economic Zones (SEZs) to sell within India without heavy duties.
They're also pushing for financial help like lower loan interest rates and export subsidies—especially vital for MSMEs, which make up most exporters.
The goal: protect jobs and keep businesses afloat in states like Gujarat, Rajasthan, and Maharashtra hit hardest by these new tariffs.