Gem & Jewelry Export Promotion Council (GJEPC) chairman Kirit Bhansali met RBI deputy governors and different senior officers and requested them to instruct banks in order that they are often lenient on working capital necessities for the business, as US orders might not come instantly and there could also be a delay in funds from the US consumers.
GJEPC officers had additionally met Niti Aayog executives final week and requested them to permit manufacturing of gems and jewelry on the Mumbai Santacruz Electronics Export Processing Zone (SEEPZ) for the home market. With export orders frozen as of now, most of those models might shut down except the federal government intervenes, they stated.
The US is the biggest export vacation spot for India's gems and jewelry business, with exports value practically $10 billion in 2024-25. India cuts and polishes 9 out of 10 pure diamonds out there within the international markets, together with the US.
A number of exporters are additionally considering of rerouting their consignments by means of different international locations which face decrease tariffs.
Bhansali stated among the massive exporters have engaged with US authorized specialists to see the legalities of rerouting by means of Dubai, Turkiye and Mexico, the place they intend to arrange new models.
“We're sticking to transparency and have advised our exporters to not resort to malpractices for exporting gems and jewelry,” he stated.
In the meantime, employees and corporations in Surat, the diamond hub of the nation, worry that there can be important job losses after the Diwali trip.
