India-US Trade Deal: A Game Changer for Gem, Jewellery, and Textile Sectors

The gem and jewellery industry has voiced strong approval following the recent India-US trade agreement. Industry leaders highlight the anticipated advantages for the sector, with Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, explaining that longstanding discussions with the government have finally culminated in an agreement poised to yield substantial benefits.

Nainesh Pachigar, Gujarat's Jewellers Association President, echoed these sentiments, supporting Union Commerce Minister Piyush Goyal's goal of reducing tariffs to 0%. He revealed that the previous 50% tariff had severely impacted exports, but the new deal promises a resurgence for their U.S. market.

Similarly, the textile and garment sector in Surat is optimistic. Ranganath Sharda, Secretary of Ashoka Market, described the agreement as a boost for Surat's textiles, contributing heavily to India's exports. The anticipated tariff reduction positions Indian exporters for growth and a competitive edge, especially against China, Bangladesh, and other regional players.