The United States is set to impose new tariffs and penalties on Indian handcrafted jewellery, a move that could significantly impact exports and threaten the livelihoods of artisans. Rajesh Rokde, president of the Gems and Jewellery (Domestic) Council, warned that the annual $9 billion jewellery export market to the United States may shrink, making Indian products 15 percent more expensive for American buyers. Previous tariff hikes led to massive job losses among artisans, and this round could see even higher numbers affected.

Major cities like Surat, Pune, and Kolkata, known for their fine craftsmanship, are at risk as the industry faces these challenges. Some exporters may consider routing products through countries like Oman or Dubai to avoid tariffs, but industry leaders caution against such practices. The council plans to raise the issue with government officials, while also exploring new markets like the United Kingdom. Meanwhile, gold and silver prices in India have continued to decline.