The US announcement of a sweeping 50% tariff on all Indian goods is a deeply concerning development. This move would have far-reaching repercussions across India’s economy - disrupting critical supply chains, stalling exports, and threatening thousands of livelihoods. The Indian gem and jewellery sector, in particular, stands to be severely impacted. The United States is our single largest market, accounting for over $10 billion in exports - nearly 30% of our industry’s total global trade. A blanket tariff of this magnitude is severely devastating for the sector. There is significant dependency on the US market, as 85% of exports from SEEPZ SEZ, which provides 50,000 jobs, is directed there. For cut and polished diamonds, half of India’s exports are US-bound. With revised tariff hike, the entire industry may come to a standstill, placing immense pressure on every part of the value chain - from small karigars to large manufacturers.