To All: I received this press release via the Internet from a
jewelry industry source.
June, 2007 - The Bush administration has withdrawn waivers granted to
India and Thailand that allow both countries to export gold jewelry
to the United States duty free. Unless Congress acts to restore the
waivers, tariffs will be imposed beginning July 1. When the waivers
were first received, tariffs were about 5.5 percent. The waivers
have allowed both India and Thailand to benefit from duty-free
treatment under the Generalized System of Preferences and as a result
our industry suffered as jewelry manufacturing moved out of the U.S.
India is the No. 1 foreign source of jewelry on the U.S. market,
exporting $2.4 billion worth in 2006. China is No. 2, with $1.1
billion worth in 2006 and Thailand is the No. 3 exporter. Companies
in these countries have already begun reducing their workforces as a
result of projected lower exports to the U.S. This is a tremendous
benefit to the U.S. jewelry manufacturing industry. Could this
reverse the trend and manufacturing start moving back to the U.S.?
Let's hope so - we are already seeing an up tick in our manufacturing
supply segment and machinery.
It appears that U.S. jewelry manufacturers do not want to miss this
opportunity and are starting to gear up early for increased sales
that will result from less imports from India and Thailand.
Associate Editor / Art Jewelry magazine
21027 Crossroads Circle / Waukesha WI 53187-1612