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The Indian gem and jewellery industry was happy that the India-US interim trade deal provided zero-duty access for diamonds and coloured gemstones to the US.
In the wake of the increased US tariffs, the last one year threw several challenges to the exporters. The India’s cut and polished diamond exports to the US, considered the largest market, fell by over 60 per cent, from USD 3.64 billion to USD 1.45 billion due to the hike in tariff.
“We are happy with the interim zero-duty access for diamonds and coloured gemstones to the US,” said Gems and Jewellery Export Promotion Council chairman Kirit Bhansali.
Under the Interim framework of the US Trade Deal announced on Saturday, both the countries have agreed to reduce important duties on a variety of goods.
Tariffs on generic drugs, aircraft parts, gems and diamonds, will go down to zero, which would increase competition among exporters, effectively improving India’s Make In India policy. The rise in exports is also expected to increase employment and also revive confidence in the market.
As part of the interim framework, duties have been slashed to 18 per cent immediately, providing relief to the exporters. The gems and jewellery industry hopes that its goods will become duty-free by the time the agreement is inked by March. The Council has appealed to the government to include lab-grown diamonds and synthetic gemstones in the exemption list.
Tags Indian gems
