In a gripping report from ‘Pulse Maharashtra’, we delve into the severe challenges currently gripping India’s illustrious diamond and gem industry. The escalating U.S. tariffs, which have now reached an unprecedented 50% on Indian gems and jewellery, are casting a long and ominous shadow over the sector, threatening its very foundation.
This escalating trade tension directly impacts vital economic centers like Mumbai’s SEEPZ (Special Economic Zone) and Surat’s world-renowned diamond polishing factories. These regions, which collectively drive a significant portion of India’s export economy, are now confronting a potential loss of billions of dollars in international trade and a severe threat to almost a million livelihoods.
The situation is particularly dire for small and medium-sized exporters, who are experiencing a drastic halt in demand. Many of these businesses, the backbone of the industry, face an existential crisis, struggling to maintain operations and support their workforce amidst the prohibitive tariffs.
As the crisis deepens, prominent industry leaders and associations are urgently appealing to the Indian government. They seek immediate policy interventions and relief measures to mitigate the devastating impact of these tariffs, protect the jobs of skilled artisans and workers, and ensure the long-term sustainability of India’s vital gem and jewellery trade on the global stage.
Stay tuned to ‘Pulse Maharashtra’ for ongoing coverage and expert analysis on how this critical situation unfolds and the government’s response to safeguard this precious industry.
Video Credits:
Presentation: Vinaya Deshpande Pandit
Video: Emmanual Yogini
Voiceover & Script: Vishnoo Jotshi
Editing: Vishnoo Jotshi