The Indian gem and jewellery sector has welcomed the recent announcement granting zero-duty access for diamonds and coloured gemstones to the United States under the Interim Agreement framework. Industry representatives described the move as a significant development that is expected to provide new momentum to the sector.
This change is anticipated to enhance trade opportunities between India and the US, potentially increasing exports and benefiting manufacturers and traders in the gem and jewellery industry.
**Why this matters**
The removal of import duties on diamonds and coloured gemstones will reduce costs for Indian exporters, making their products more competitive in the US market. This can lead to increased demand and growth in the sector, which is a key contributor to India’s economy and employment.
Source: NewsData