Mumbai, Feb. 5 -- The gems and jewellery industry in India expects a significant recovery following the announcement of a trade agreement with the United States. Kirit Bhansali, Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), stated that the agreement, set to be finalised in March, will provide much-needed relief to a sector that has struggled with high tariffs over the last year. He noted that the US remains the most critical market for Indian exports, and the deal is expected to reverse a sharp decline in trade volumes.

"Our entire sector was worried for the past six months," Bhansali said. He explained that exports to the US had previously plummeted, with overall shipments falling by 44 per cent and exports of blu...