Tag: Indian gem& jewellery industry

Quote by Mr. Kirit Bhansali, Chairman, GJEPC “The Indian gem& jewellery industry is elated by the announcement of zero-duty access for diamonds and coloured gemstones to the US under the Interim Agreement framework — a decisive turning point that breathes new life into the sector. The diamond sector had taken a severe hit over the past year, with India’s cut and polished diamond exports to the US — our largest market — declining by over 60%, from USD 3.64 billion in April–December 2024 to USD 1.45 billion in April–December 2025, as tariffs eroded competitiveness. Recognising this risk early, GJEPC began focused engagement not only with Government of India but to the stakeholders in USA and across the world. In March 2025, GJEPC formally proposed for the inclusion of cut and polished diamonds and coloured gemstones under Annexure III at the IDMA Presidents’ Meeting in New York. This was followed by coordinated global advocacy through the World Diamond Council in May 2025, alongside representations to key US industry bodies. Under the announced framework, duties have been reduced to 18% on jewellery, which itself provides meaningful relief to exporters. We are confident that, upon conclusion of the Interim Agreement, diamonds and coloured gemstones will receive full zero-duty treatment as envisaged, restoring competitiveness in our most critical market. These efforts were actively taken up by the Government of India with the United States. We applaud and sincerely commend the Hon’ble Prime Minister, Shri Narendra Modi, US President Mr. Donald Trump & Hon’ble Commerce & Industries Minister Shri Piyush Goyal and the entire government machinery for the remarkable speed and efficiency in reaching this framework within days of the announcement of the deal, a testament to visionary leadership and an unwavering commitment to strengthening India-US trade ties. The Council has also taken up with the Government of India the need to pursue inclusion of laboratory-grown diamonds and synthetic gemstones under the Annexure III exemption list of US tariffs.” *Short quote* Kirit Bhansali, Chairman, GJEPC “The Indian gem and jewellery industry is elated by the Interim Agreement framework announcing zero-duty access for diamonds and coloured gemstones to the US, especially after a difficult year in which India’s cut and polished diamond exports to our largest market fell by over 60%, from USD 3.64 billion to USD 1.45 billion, due to tariff-driven loss of competitiveness. GJEPC flagged this risk early and led sustained engagement with the Government of India and global industry bodies, including the World Diamond Council, to seek inclusion under Annexure III. Under the framework, jewellery duties have been reduced to 18%, providing immediate relief, and we expect full zero-duty treatment for diamonds and coloured gemstones once the agreement is concluded, which will help revive exports and restore competitiveness. The Council has also taken up with the Government of India the inclusion of laboratory-grown diamonds and synthetic gemstones under the Annexure III exemption list of US tariffs.”

Tag: Indian gem& jewellery industry

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