The recent hike in US import duty is expected to be a big blow to gems and jewellery producers. From Friday, the duty on goods exported to the US will rise from 10 per cent to 25 per cent. While from August 27, the US will double the duty on various gems and jewellery items to 50 per cent.
This duty includes cut and polished diamonds, lab-grown diamonds, gold, silver, platinum and imitation jewellery. The imposition of new duty by Donald Trump is expected to result in a 75 per cent decline in India’s gems and jewellery exports this fiscal year.
