Traders are aghast over 50% Tariff implied by Trump

Mumbai, Aug 28

Gold and jewellery traders are aghast over the sudden imposition of a 50 per cent tariff on Indian gold jewellery exports by the US.

Talking to Bizz Buzz, Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC) says, “The sudden imposition of a 50 per cent tariff on Indian gold jewellery exports by the US is deeply concerning. It’s not merely a trade restriction—it’s a direct blow to the heart of India’s artisanal legacy.”

Our jewellery sector supports millions of livelihoods, from karigars in small towns to exporters in major metros. This tariff threatens to erode decades of trust and trade relations built painstakingly with American buyers, he said.

At a time when global markets are already volatile, such protectionist measures will only fuel uncertainty. Indian craftsmanship is revered worldwide and penalizing it with steep duties undermines not just commerce but cultural exchange.

GJC has urged the government to engage in immediate dialogue with US counterparts and explore diplomatic and trade remedies. The survival of thousands of small businesses and the pride of our heritage depend on it.

Avinash Gupta- Vice Chairman – GJC says, “This abrupt tariff escalation is not just an export concern—it’s a macroeconomic jolt. The pressure on the rupee and rising gold prices will ripple through domestic markets, dampening consumer sentiment and squeezing small retailers.”

We’re staring at a dual crisis: weakened global competitiveness and shrinking local demand. The government must urgently recalibrate its trade strategy to shield this vital sector, he said

EoM.