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US tariff hike on Indian imports to risk these jobs

Business

Starting August 1, 2023, the US will impose a 25% tariff on Indian imports—a big blow for India's $9.9 billion gem and jewelry exports.
This change could put over one lakh jobs at risk, especially for people making handmade jewelry, as US buyers may turn away.

Jewelers eye new markets as US turns away

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, shared that a previous 10% tariff already cost 50,000 jobs—so this bigger hike feels even more worrying.
To cope, Indian jewelers are looking at new markets like Europe and the Middle East.
With global trade tensions rising, many in the industry are pinning their hopes on upcoming India-US trade talks later in August to find some relief.