India looks to Gulf jewellery market to offset US tariffs

Driven by rising American tariffs, the Gulf is gaining traction as an alternative manufacturing and export hub for the Indian jewellery sector, when it was announced that tariffs on India would increase because it buys Russian oil.

Tata Group’s Titan announced it was exploring the Gulf region as a manufacturing base to export to the US. Titan managing director C.K. Venkataraman also said that the US is now a less feasible manufacturing base due to cost and skills constraints, especially for artisan-made jewellery. Titan has also announced plans to buy a 67 per cent stake in Dubai-based luxury retailer Damas.

This trend of global companies seeking new ways to avoid trade barriers, as the US levies tariffs on international trade partners, is bound to extend to other industries as well. Last year, the US imported approximately $10 billion worth of jewellery from India, accounting for 35 per cent of India’s gem and jewellery exports in 2024.