Indian Gems and Diamonds: A Zero-Duty Breakthrough in the US Market

The Indian gem jewellery industry is celebrating a game-changing announcement: zero-duty access for diamonds and coloured gemstones to the US, under a new Interim Agreement. Industry leaders consider this a pivotal moment that will rejuvenate a sector recently hit by a drastic fall in exports.

GJEPC Chairman Kirit Bhansali expressed delight at the development, which follows a tough year where exports to the US—India's largest market—fell by over 60%. The framework aims to enhance India's export competitiveness in the gems and diamonds sector, while still imposing an 18% tariff on jewellery.

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, stated that the breakthrough will bolster global competitiveness, profit margins, and international access. The zero-duty terms are expected to stimulate exports and job creation, empowering small and medium enterprises across India.