With the steep Trump tariffs now having come into play, the cutting, polishing, manufacturing and export hubs of India are facing severe problems, with joblessness and unit-closure a distinct possibility. The silver lining is that the GJEPC is hopeful of a solution, particularly in view of the advocacy efforts of its US counterparts, who are also working hard to impress upon the Trump administration that the high tariffs will have a deleterious effect on the US jewellery industry as well. In a free-wheeling conversation with Suneeta Kaul, Kirit Bhansali, Chairman, GJEPC, talks about the impact of the tariffs, the steps being taken to bring about some relief to the industry, its expectation from the government, and more.

Commenting on India’s 7.8% GDP growth in the first quarter of FY 2026, Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said the strong performance reflects the resilience of the economy and the policy direction under the leadership of Prime Minister Narendra Modi.

Signed on 24 July 2025, the India–UK Free Trade Agreement (CETA) grants Indian jewellery duty-free entry into the UK — opening the door to a surge in exports and bilateral economic growth.

The World Gold Council (WGC) has expressed concerns about the potential hike in gold import duties in India’s upcoming Union Budget for 2025

India's gold imports fell by 4.23% to USD 12.64 billion from April to July 2024-25, reflecting global economic uncertainties, according to recent government data

The Indian gold industry has announced the formation of the Indian Association for Gold Excellence and Standards (IAGES – pronounced as I-AAY-GES), a self-regulatory organisation (SRO) created by the Indian gold industry for the Indian gold industry and supported by the World Gold Council

A recent reduction in gold import duties—from 15% to 6% in the latest budget—has led to a remarkable 35-40% increase in sales for gold retailers across India. This dramatic shift has provided a much-needed boost to an industry that had been struggling with high prices and stagnant sales

Aiming to become one of India's top three jewellery retailers within five years, this move marks a significant expansion of the group's consumer portfolio, leveraging over two decades of experience in the fashion retail and lifestyle industry.

Finance Minister Nirmala Sitharaman’s Budget has been hailed by the gems and jewellery industry, with stakeholders calling the duty cuts a long-awaited step in the right direction

Motilal Oswal Financial Services Ltd (MOFSL) suggest that the size of the Indian jewellery retail sector was close to USD80b (INR6,400b) in FY24

The All India Gem & Jewellery Domestic Council advocates for a reduction in customs duties, presenting crucial pre-budget recommendations

The MOU signing ushers commencement of work for India Jewellery Pak at Navi Mumbai. India Jewellery Park with substantial investment of Rs. 50,000 crores is expected to generate 1 lakh new jobs in the sector

The World Gold Council (WGC) has published a new report titled ‘India Gold Market - Reform and growth’

Aditya Birla Group is set to foray into the branded jewellery retail business with an investment of Rs.5,000 crore, competing with heavyweights such as Titan Company and Kalyan Jewellers.