The industry of Peruvian jewelry Face an uncertain panorama after the recent imposition of a 10% tariff by the United States, its main export market. As reported by the president of the jewelry and goldsmith’s committee of the Association of Exporters (ADEX), Rocío Mantilla Goyzuetathis measure has generated a significant drop in demand, which could translate into a contraction of up to 90% in shipments during April.
The uncertainty caused by this decision has led the main American buyers to suspend or cancel orders, seriously affecting small and medium producers in the sector.
According to Mantilla, the impact of the additional tariff is especially worrying due to the high monetary value of gold, the main raw material of Peruvian jewelry exports. This increase in costs could lead to American buyers to Find suppliers in other countriesdisplacing the Peruvian companies in the market.
The Adex president stressed that the sector, which had shown significant growth in recent years, now faces a critical challenge. In 2023, Peru managed to duplicate its jewelry and goldsmith’s offices, driven by factors such as local gold supply. However, the recent tariff measure threatens to reverse these advances.
In the first 2024 bimester, Peruvian jewelry exports reached 35.6 million dollars, which represented a 65.6% growth compared to the same period of the previous year, according to data from the Adex Manufacturing Management.
This increase was mainly driven by the demand of the United States, which accumulated 89.9% of the total shipments, with a value of 32 million dollars. Other relevant markets included Mexico, Space, Canada y Chilealthough with significantly lower figures.
Gold was the main protagonist of exports, representing more than 95.4% of the total, with a value of 34 million dollars and a growth of 70.9%. Other prominent products were common metal kiles, precious or semi -precious stones manufactures, and silver jewelry, although in much lower volumes.
Despite this positive performance in the first months of the year, the imposition of the tariff threatens stop the growth of the sector.
Mantilla stressed that the Peruvian jewel industry, especially small and medium producers, is in a vulnerable position in this situation. These actors, who export directly or are part of the production chain, could face serious difficulties in competing in the international market if the tariff measure is not possible to reverse.
In this sense, Adex has expressed its willingness to collaborate with the Ministry of Foreign Trade and Tourism in the necessary efforts to Restore the 0% tariff and look for solutions to this problem.
The Adex president also recalled that the growth of the sector in previous years was due, in part, to stability in commercial conditions with the United States. The recent decision of the government of Donald Trump It represents a significant obstacle to the industry, which now depends on the actions of the Peruvian authorities to mitigate the impact of this measure.
The economic context in the United States also adds pressure to the situation. According to the commercial department of that country, the Gross Internal Product (GDP) registered a 0.3% contraction in the first quarter of the year, The worst since 2022.
This result reflects a slowdown with respect to the growth of 2.4% recorded in the last quarter of 2024 and is well below the projections of economists, who expected a growth of 0.8%.
The changes in the economic policies implemented by the President Donald Trump They have generated uncertainty both in consumers and companies, which could further aggravate the situation for Peruvian exporters.
