Mumbai, Feb 8: Indian diamonds and coloured gemstones are set for a major boost in the US market, thanks to zero-duty access under a new interim India-US trade agreement framework. This comes after a challenging year where India’s cut and polished diamond exports to its largest market plunged over 60%, from $3.64 billion to $1.45 billion, due to tariff pressures.
Industry leaders hailed the move as a game-changer. GJEPC Chairman Kirit Bhansali noted it provides immediate relief with jewellery duties cut to 18%, while expecting full zero-duty for gems and diamonds soon to restore competitiveness. GJC’s Rajesh Rokde emphasized it strengthens global edges, boosts margins, and helps SMEs reach US buyers at fair prices.
The US accounts for 31% of India’s gems and jewellery exports ($9.23 billion in 2024-25), making this a pivotal step for Surat’s hub and artisan livelihoods amid recovery efforts.
