Mr. Ashok Gajera CMD, Laxmi Diamonds Pvt. Ltd.
We welcome the announcement that diamonds and colored gemstones will enter the U.S. duty-free under the Interim Agreement framework. This significant milestone brings renewed energy and opportunities to our diamond industry.
The diamond market is particularly encouraged by this framework, which grants zero-duty access to the U.S. market. This is vital following a challenging year in which India’s exports of cut and polished diamonds to our largest market fell by over 60% due to tariff-related competitiveness issues.
Under this agreement, the duty on jewelry has been reduced to 18%, providing immediate relief. We anticipate that once the agreement is finalized, diamonds will receive full zero-duty treatment, helping to revive exports and restore our global competitiveness.
We extend our sincere appreciation to the Government of India for its commendable efforts in reaching this agreement.
Heartiest congratulations to the GJEPC team for their remarkable initiative and continued efforts to make this dream a reality.
I am confident that now employment in the diamond industry will get a boost.
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