Mumbai, July 30 -- Following the US announcement of a 25 per cent tariff on India, Industry leaders in the Indian Gems and Jewellery sector expressed deep concern, warning of short-term disruptions, potential job losses, and rising prices for American consumers.

However, business leaders also pointed to India's expanding trade ties, including recent Free Trade Agreements (FTAs) with the UK, Australia, and the UAE, as a buffer against the fallout, suggesting the long-term impact may hurt the US more than India.

US President Donald Trump today, in a social media post on his Truth Social Account, announced 25 per cent tariffs on India starting August 1.

Trump also said India will face additional penalties for purchasing oil from Russia. ...