India's $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs will impede overseas sales to its biggest market, industry officials said.

The 27% US retaliatory tariffs pose a significant challenge to Indian gems and jewellery exports as they disrupt trade valued at USD 16.89 billion between the two nations. The GJEPC urges the Indian government to advance the Bilateral Trade Agreement to mitigate these tariffs and secure the sector's long-term interests.

The US has announced a 26% tariff on Indian imports, significantly affecting the gems and jewellery sector, which constituted 12.8% of India’s exports to the US. Major exporters Goldiam International and Vaibhav Global are expected to face challenges due to this new duty.