IDCA Appeals to the Jewelry Trade
IDEX Online, Israel
(August 27, ’06, 7:07 IDEX Online Staff Reporter)
The Indian Diamond and Colorstone Association (IDCA) is urging retailers to contact the United States Trade Representative (USTR) before the September 5 deadline for comments, and ask it to continue the trade benefits granted to Indian jewelry manufacturers under the GSP (Generalized System of Preferences) program.
According to IDCA, U.S. jewelry retailers and consumers could face serious economic hardships if a longstanding trade agreement with India, Brazil and some other trade partners is revoked.
“Withdrawing jewelry imports from the GSP program would add a six percent duty to a significant portion of jewelry products purchased by US consumers,†IDCA quoted trade experts in a release.
“Consumers already facing rising gold, diamond and oil prices, and feeling the effects of a softening US dollar, may see the retail prices for jewelry increase 15 to 20 percent, with disastrous effects on the retail market.â€
IDCA is encouraging retailers to email the USTR office before the September 5 deadline, urging the US government to maintain the GSP status granted to India, Brazil and 11 other trading partners.
