Landmark Tariff Cuts Reinforce India-US Gems and Jewellery Trade Ties

The India-US trade agreement's reduction of reciprocal US tariffs to 18% marks a pivotal moment for the gems and jewellery industry, enhancing trade flows, boosting exports, and fostering job creation. The deal relieves import costs, ensures competitiveness in jewellery manufacturing, and supports the laboratory-grown diamond sector.

The gems and jewellery industry lauded the landmark India-US trade agreement announced on Tuesday, aiming to stimulate trade flows with significant tariff reductions.

The historic trade agreement sees the US lowering tariffs on Indian goods to 18%, following a high-level discussion between leaders of both nations. Industry leaders, including GJEPC's Kirit Bhansali, expect a boost in competitiveness and stabilization in operations, especially with zero duty imports on certain gemstones.

This breakthrough marks a turning point not only for diamond jewellery manufacturers but also for small and medium enterprises, according to GJC Vice Chairman Avinash Gupta. Meanwhile, industry stakeholders like Colin Shah from Kama Jewelry and Namita Kothari from Akoirah by Augmont highlighted improved export economics, especially for laboratory-grown diamonds in the largest overseas market.

(With inputs from agencies.)