India hopes to tap $1-billion of jewellery export opportunity to US

India’s gems and jewellery sector hopes to tap a $1-billion export opportunity arising out of an ongoing trade war between the United States (US) and China. The opportunity came India’s way after the US levied a 10 per cent import duty on import of gems and jewellery from China, taking the tariff to 20.5 per cent. A few months ago, the US imposed a 5.5 per cent tariff on import of jewellery from India which still leaves the country with a 15 per cent advantage over China.

China exports around $2 billion worth of gems and jewellery to the US. But,