Categories: Business

India sees US china tension as opportunity for Gems and Jewelery trade


Gems and Jewelery industry

new Delhi. India's gems and jewelery export sector is seeing a ray of hope after the United States canceled the preferential trade status of Hong Kong this month. A senior official of the Gems and Jewelery Export Promotion Council (GJEPC) said this on Friday. GJEPC officials said that China has imposed a National Security Act on Hong Kong. At the same time, the US has indicated that it is going to increase the duty on Hong Kong products from 3.3 percent to 7.5 percent. GJEPC Chairman Colin Shah told PTI-language that I do not think that going into the specifics of this move of America, it will create opportunities for India gems and jewelery business.

For India, Hong Kong and China are the largest destinations for import of gems and jewelery after India, France and Italy. Hong Kong and China exported $ 98.08 million and $ 262.21 million worth of gems and jewelery to the US in 2019, respectively. Shah said, "New business opportunities will be created for India after the conclusion of the trade preference agreement with Hong Kong. The manufacturing business has the potential to move from China to India. "He said that India has an advantageous position in terms of raw materials, labor force and skills." We have a workforce of 50 lakhs in this area. It is an opportunity to take a big leap and become the world's leading country and trade center in the gems and jewelery sector. However, the arithmetic of the benefits of the gems and jewelery sector is not so simple. Hong Kong and China are also important destinations. Apart from this, many Indian diamond and jewelery companies have offices in Hong Kong and their move will also be affected by the US move.

This post was published on July 24, 2020 5:57 pm

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