India's Polished Exports Rise in Rush to Beat US Tariffs
August 17, 25
(IDEX Online) - India's gross monthly exports of polished diamonds jumped 17.8 per cent in July, as manufacturers rushed to get their goods into the US before the 50 per cent tariffs took effect.
It was the first year-on-year increase since last October, when the markets showed some small signs of a possible recovery. Since then exports have declined every month.
Foreign sales were $1.07bn, according to the latest data from the Gems and Jewellery Export Promotion Council (GJEPC), following on from India suffered a 23 per cent dip in June, with total exports of $779m.
US tariffs on Indian exports were first announced in April, but didn't take effect until August. The initial 25 per cent tariff was imposed on 7 August, prompting a rush to export, and an additional 25 per cent tariff - what President Donald Trump describes as a punishment for India buying Russian oil - comes in on 27 August. This could lead to another monthly increase in August, as manufacturers try to beat the next tariff deadline.
Meanwhile, imports of rough diamonds for April to July grew slightly, up 1.5 per cent to $4.37bn.
Overall gross exports of gems and jewelry also rose on tariff worries, up 17 per cent to $2.18bn.
Kirit Bhansali, GJEPC chairman, said: "The July export figures, a successful IIJS Premiere with strong order bookings, and the revival of the Hong Kong market are encouraging signs for our industry, especially amid global challenges such as the impact of US tariffs."