ZisNews - Breaking News & Updates

KOlkata: Members of India's adamant manufacture feature said that the US conclusion to impose 50 per cent tariffs on amerind goods poses a challenge, but expressed confidence in the sector's resilience and the strength of the domestic market.Amit Pratihari, Managing Director of De Beers India, underlined the importance of the US as a destination."The US is the largest market for polished diamonds. They consume almost 50 per cent of the global production. There will be an impact for sure, but I think it's more short-term," he said.He praised government engagement with the US administration and noted that domestic opportunities remain strong."India is the second-largest diamond jewellery market. There are lots of domestic opportunities," Pratihari told ANI, on the sidelines of Diamond Conclave 2.0, organised by the Indian Chamber of Commerce.Sabyasachi Ray, Executive Director of the Gem and Jewellery Export Promotion Council (GJEPC), called the tariff move a surprise."The tariffs, if they remain persistent for long, may impact our business... 50% tariffs came as a shocker for us," he said.According to him, exporters front-loaded shipments ahead of the new tariffs that took effect on August 27.He added, "There will be no job losses, because the employers have the capacity to sustain them for 3-6 months."Ray also pointed to strong GDP growth and rising disposable incomes as supportive factors for jewellery demand.Speaking on the government's position, R. Arulanandan, Director in the Department of Commerce, said, "Regarding tariffs, dialogues are going on. India is a large market and the domestic demand for diamonds is growing... Irrespective of tariffs, the exporters should not put all eggs in one basket."Suvankar Sen, Managing Director of Senco Gold and Diamonds, said festive season demand in India could help offset losses, even as exports may dip for 1-2 months."In the short run, till an understanding is reached between the countries, there would be an impact," he said.Referring to the workforce, he noted, “About 40 lakh artisans are part of this industry... They may face some uncertainty on the employment front.”

Global News Perspectives

In today's interconnected world, staying informed about global events is more important than ever. ZisNews provides news coverage from multiple countries, allowing you to compare how different regions report on the same stories. This unique approach helps you gain a broader and more balanced understanding of international affairs. Whether it's politics, business, technology, or cultural trends, ZisNews ensures that you get a well-rounded perspective rather than a one-sided view. Expand your knowledge and see how global narratives unfold from different angles.

Customizable News Feed

At ZisNews, we understand that not every news story interests everyone. That's why we offer a customizable news feed, allowing you to control what you see. By adding keywords, you can filter out unwanted news, blocking articles that contain specific words in their titles or descriptions. This feature enables you to create a personalized experience where you only receive content that aligns with your interests. Register today to take full advantage of this functionality and enjoy a distraction-free news feed.

Like or Comment on News

Stay engaged with the news by interacting with stories that matter to you. Like or dislike articles based on your opinion, and share your thoughts in the comments section. Join discussions, see what others are saying, and be a part of an informed community that values meaningful conversations.

Download the Android App

For a seamless news experience, download the ZisNews Android app. Get instant notifications based on your selected categories and stay updated on breaking news. The app also allows you to block unwanted news, ensuring that you only receive content that aligns with your preferences. Stay connected anytime, anywhere.

Diverse News Categories

With ZisNews, you can explore a wide range of topics, ensuring that you never miss important developments. From Technology and Science to Sports, Politics, and Entertainment, we bring you the latest updates from the world's most trusted sources. Whether you are interested in groundbreaking scientific discoveries, tech innovations, or major sports events, our platform keeps you updated in real-time. Our carefully curated news selection helps you stay ahead, providing accurate and relevant stories tailored to diverse interests.

India's diamond industry counts on domestic demand to cushion US tariff blow

Global News Perspectives

Customizable News Feed

Like or Comment on News

Download the Android App

Diverse News Categories

Category News

Country News