The US has imposed a 25% tariff on Indian imports and threatened to double them to 50% starting August 27 in response to India's purchases of Russian oil.
In the past 12 months, the US imported $941.4 million worth of lab-grown gems and semi-precious stones, with India accounting for nearly 88%, or $824.7 million, of all imports.
The tariffs on India may also affect 46% of US imports of processed and rough diamonds, or $5.46 billion out of $11.9 billion in total imports.
The US also imported $3.48 billion worth of jewelry made of precious metals from India, which accounts for almost a quarter of its total imports. In addition, over 13%, or $264.6 million, of US imports of jewelry made with natural gemstones also came from India.
On Monday, Indian Foreign Ministry spokesman Randhir Jaiswal rejected US and EU criticism of Russian oil imports as unjustified and unwise. He emphasized that India would take steps to safeguard its interests and economic security.