India’s gems and jewellery sector hopes to tap a $1-billion export opportunity arising out of the ongoing trade war between the United States (US) and China, reports Business Standard.
The opportunity came India’s way after the US levied a 10 per cent import duty on import of gems and jewellery from China, taking the tariff to 20.5 per cent. A few months ago, the US imposed a 5.5 per cent tariff on import of jewellery from India which still leaves the country with a 15 per cent advantage over China.
China exports around $2 billion worth of gems and jewellery to the US. But, in the absence of policy support from the government, industry has failed to grab the export market share that competing countries like Thailand and Vietnam have succeeding in.
“Given that Thailand and Vietnam have already started grabbing the opportunity emerged after the US-China trade war, we are looking at a $1-billion opportunity for India while the remaining will go to other South East Asian countries,” said Colin Shah, vice-chairman, Gems and Jewellery Export Promotion Council (GJEPC), India’s premier jewellery export promotion body under the Ministry of Commerce.
To read complete report, please visit: https://www.indoasiancommodities.com/2019/09/14/us-china-trade-war-gives-india-hopes-to-tap-1-billion-of-jewellery-export-opportunity-to-us/