Goldiam International up 19%, Rajesh Exports gains 2%: Gems and jewellery stocks surge on Trump’s 90-day tariff pause

Shares of diamond, gems, and jewellery companies soared on Friday after US President Donald Trump announced a pause of tariffs for most nations, including India, for 90 days.

This comes after the US suspended additional tariffs on most trading partners, including India, for 90 days until July 9. The tariff suspension does not apply to China, which is presently facing 145% levies.

On April 2, Trump had imposed universal duties on about 60 nations exporting goods to the US and additional steep levies on countries like India at 26%.

"Effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on April 10, 2025, enforcement of the second paragraph of section 3(a) of Executive Order 14257 is suspended until 12:01 a.m. eastern daylight time on July 9, 2025," the order said.

However, the 10% baseline tariff remains in place for all.

"Since I (President) signed Executive Order 14257, in contrast to the PRC’s actions, more than 75 other foreign trading partners, including countries enumerated in Annex I to Executive Order 14257, have approached the United States to address the lack of trade reciprocity in our economic relationships and our resulting national and economic security concerns," the order dated April 9 said.

"This is a significant step by these countries toward remedying non-reciprocal trade arrangements and aligning sufficiently with the United States on economic and national security matters," it added.

Meanwhile, benchmark indices are trading in positive territory. NIFTY50 is up 1.91%, while SENSEX gained 1,302 points to 75,150.