Losing its shine: Gems and jewellery industry sees slowdown in business, job losses from Trump tariffs

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Losing its shine: Gems and jewellery industry sees slowdown in business, job losses from Trump tariffs - Economic Times

Quick Summary:

Despite the 90-day pause period, the industry feels that the added 10% cost will severely impact cash flows in a high-volume, low-margin sector.

But he cautions that the added cost of 10% on our products may lead to a short-term slowdown in demand in the US, as it will make jewellery products more expensive for the US consumers.“However, we remain optimistic that this window will help us realign and strengthen our position in the market,” he says.

The gem and jewellery industry in India, which was already grappling with reduced discretionary spending globally amid high inflationary pressures, faced another setback with Trump’s tariffs.