Mumbai: India's jewellery and diamond industry has welcomed the unveiling of the interim trade agreement between India and the United States on Saturday, which will reduce tariffs on many Indian exports, including levies on gems and diamonds that have been reduced to zero. The industry, with Mumbai as one of its main hubs, said that the deal will give Indian exporters unprecedented access to the US market.
Unprecedented US Market Access
Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC), said they were grateful to Prime Minister Shri Narendra Modi and Commerce Minister Piyush Goyal for securing this landmark agreement.
"This breakthrough strengthens our global competitiveness, boosts margins, and ensures our artisans’ creations reach international audiences at fair prices. While jewellery continues under an 18% tariff, the gains in gems and diamonds are a powerful step forward, positioning Indian craftsmanship as a global symbol of excellence," said Rokde.
A "Game-Changer" for SMEs
Avinash Gupta, vice chairman of GJC, called the deal a historic zero-duty milestone. Gupta said that the removal of tariffs on gems and diamonds is a game-changer, especially for small and medium enterprises (SMEs) that form the backbone of our sector.
"SMEs and family-run businesses will now access the US market on equal terms, leading to higher exports, stronger revenues, and significant job creation," said Gupta, who added that while finished jewellery remains at 18% duty, the agreement lays the foundation for broader opportunities and creates a multiplier effect across allied industries such as logistics, design, and retail. "It is both an economic and social victory, empowering communities nationwide."
