Future of Canadian Representation in the U.S. Jewelry Market: An Interview with Anita Agrawal

The Spirit of the Tucson Gem Shows

Tucson gem shows are neutral territory for those in the gem and jewelry industry. There, people from all over the globe come together to celebrate and admire some of the most beautiful of all Mother Earth's creations. Cultural differences are respected, and all booths have at least one person fluent enough in the English language to explain their inventory and conduct business. However, the personal connections made at these shows go far deeper than just professional recognition. People become friends at the shows with many participants, buyers, and sellers alike, having seen each other every year, sometimes for decades. Exploring the aisles, you are just as likely to encounter individuals sharing updates about their families as you are overhearing them make deals. 

Trade Tensions Cast a Shadow

Sadly, the destabilization of the global trading marketplace by the Trump administration has greatly alarmed many sellers who fear that the implementation of trade tariffs will drastically alter their ability to do business with their long-time international associates. Among them was Anita Agrawal, CEO and designer of Canada-based Best Bargains, who explained how trade tariffs are impacting she, her fellow Canadians, and, by extension, everyone else. 

Spotlight on Anita Agrawal

Sporting a quick smile and warm manner, Agrawal is a deeply committed professional who teaches small business management at both George Brown College and Centennial College. She is also a dedicated advocate of women-owned companies and served as President of the Organization of Women in International Trade (OWIT) Toronto Chapter from 2014 to 2018. Most recently, Agrawal was named as one of WXN's top 100 most powerful women in Canada and has repeatedly been interviewed by Canada's CBC news regarding the new tariffs, most recently in March of this year.

Best Bargains is a wholesale jewelry supplier, and gems are sourced from India, Thailand, and Hong Kong. All jewelry is fabricated in Canada and Agrawal ensures that every design is executed to a high standard. In 2023, Best Bargains took home the AGTA Spectrum Award for Gem Diva. 

Is this a ring? A pendant? Or both? This alluring and mysterious piece is 14kt rose gold, set with a natural 3.5ct center unheated heart shaped pink sapphire. The pear-shaped sapphires that surround it exceed 4 cts and are also unheated and untreated. The small round sapphires are heated pink sapphires. Designed, cast, set completely in Canada.

Agrawal explained that Best Bargains has established a deep connection with the U.S., and she approximates that 60% of her business dealings are with Canada's southern neighbor. Further, Agrawal is proud that she has accomplished all of this with a small team that includes only her mother and a handful of employees. 

Until recently, Agrwal said that she felt that Best Bargains, established in 1991, was healthy and on a stable path. Having successfully navigated the company through challenging times such as the 2008 financial crash, Agrawal felt like she could handle anything. Now, with the Trump administration wreaking havoc with international trade by threatening, delaying, changing, and enforcing trade tariffs, that sense of security has evaporated, forcing Agrawal to retreat from the U.S. marketplace. Not knowing what tomorrow will bring, Agrawal stated "the precarious situation and uncertainty is too much to tolerate." After showing at AGTA for thirty years, 2025 will be her last show.

Unfortunately, Agrawal explained that there are no winners in this situation, not on either side of the border. "With each U.S.-based show, I am investing in the U.S. economy, but the tariffs make it impossible for me to stay competitive. Basically, I have to add 25% but India, for the moment at least, does not." Addressing the mathematics, Agrawal explained that even the most inexpensive jewelry will experience notable hikes. "My 10kt gold gemstone rings were $100 wholesale, that is now $125. You really feel it with more expensive items. My bracelets were $700 wholesale, now add 25% to that. Americans won't pay $875 for a Canadian item when they have access to a less expensive alternative." Tariffs like this, Agrawal says, punishes long-established trading partners for no reason.

Just a few months ago, U.S. retailers could purchase these Best Bargains diamond and gemstone gold bracelets for $700. Now, the wholesale price is $875.

Besides the harm done by tariffs (both those already enacted and others that are looming) to business models, perhaps the greatest damage is that which is felt on an emotional level. The established connections between sellers and buyers which have been carefully nurtured over time suddenly, by no fault of the individuals involved, are invalidated. Long-standing arrangements based on trust and loyalty which were expected to remain solid for years to come must abruptly be altered, and not for the better.

In the face of these forced and harmful changes to the market, Agrawal described feeling defeated, seeing the progress made in her years working as an advocate and teacher disappearing. "If I am losing hope, what do I tell my students who want to be entrepreneurs?" For now, at least, there is no good answer.