The US government announcing a 10 per cent tariff covering new commodities
imported from China has some good news for India's gem and jewellery industry.
The 10 per cent tariff, starting September 1 if China's government does not give satisfactory reasons against it, will apply to rough and polished diamonds, rough and polished “synthetic gemstones” as well as “jewellery articles of precious or semi-precious stones" coming into the US from China.
Paul Zimnisky, a diamond analyst and consultant in New York, said: “The US imports less than 1 per cent of loose polished diamonds from China but 15 per cent of jewellery. If the tariffs persist, this may lead to US retailers buying more fabricated jewellery from India.” If the tariff is actually implemented, China’s gold jewellery export to US will not be viable and Indian exporters will get an opportunity to fill that gap.