The Indian gem jewellery industry on Saturday welcomed the announcement of zero-duty access for diamonds and coloured gemstones to the US under the Interim Agreement framework, saying it is a turning point that will give a fresh boost to the sector.
“We are 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 per cent, from USD 3.64 billion to USD 1.45 billion, due to tariff-driven loss of competitiveness,” GJEPC Chairman Kirit Bhansali said in a statement.
India and the US on Saturday announced they have reached a framework for an interim trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade.
Tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts, thereby further enhancing​The Indian gem jewellery industry on Saturday welcomed the announcement of zero-duty access for diamonds and coloured gemstones to the US under the Interim Agreement framework, saying it is a turning point that will give a fresh boost to the sector.
“We are 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 per cent, from USD 3.64 billion to USD 1.45 billion, due to tariff-driven loss of competitiveness,” GJEPC Chairman Kirit Bhansali said in a statement.
India and the US on Saturday announced they have reached a framework for an interim trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade.
Tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts, thereby further enhancing ​Latest News [ SOBAN NEWS: International and National ]
