US import levies no concern for Indian jewelers

27 Apr '06

1 min read

US may levy import duty on jewellery from India, but trade officials are self-assured that they will prevail over it.

The US is India's largest export market, about 28 percent of the country's jewellery exports at US $4.74 billion during March-April (2005-2006).

India and Thailand are exempted from duties in the US, which normally levies a duty of 6 percent on its imports of gems and jewellery.

Currently, there is no duty imposed on imports by the US as part of bilateral trade talks.

India's gems and jewellery exports rose 6.32 percent to $16.67 billion during 2005-2006 (April-March).

India is world's largest consumer and producer of jewellery.

Hong Kong, Singapore, and Belgium also import jewellery from India.

Sector is likely to further grow 20-25 percent in 2006-07 (April-March) aided by trade opportunities in diamond sector.

The Gem and Jewellery Export Promotion Council is organizing the India International Jewellery Show in Mumbai from May 4-8 to focus on boosting exports.

Indian manufacturers, wholesalers, retailers, and some corporate along with roughly 30,000 guests and delegates from Thailand, Bangladesh, Italy, Hungary, Cyprus, and Poland will be participating in the four-day event.

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