Shipments of gems and jewellery to the US have been contracting for four years in a row, reports Saikat Neogi. The decline became much sharper in FY26.

Since February this year, exports of these labour-intensive items to the US contracted in each month, barring March.

These took the maximum hit of 74% in September, as hefty US tariffs came into force.

Significantly, the ground ceded by the US has been rapidly assumed by the UAE, reflecting the exporters’ agility to shift to new markets.

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