International News
Botswana negotiating zero US tariff on diamonds
Botswana’s president Duma Boko says he’s close to negotiating an end to the 15 per cent tariff imposed on his country’s polished diamond exports to the US.He also says Botswana must diversify beyond diamonds to exploit its copper, nickel, and cobalt resources – and must ensure the value they generate remains in the country. Botswana’s diamond sale were halved in 2024, reflecting a global slump in demand.
Botswana is the world’s biggest diamond producer by value, but the vast majority of its output is exported to India (with 50 per cent tariffs), Belgium (zero tariff for diamonds), and the UAE (10 per cent tariff). Only around 10 per cent of Botswana’s diamonds will benefit from a scrapping of the tariff
He said talks aimed at achieving a zero tariff on diamonds mined, cut and polished in Botswana and exported directly to the US were at “an advanced stage.The US has already reduced tariffs on Botswana’s goods from the 37 per cent figure introduced on 1 August (10 per cent baseline tariff plus 27 per cent reciprocal).
Duma Boko also spoke about the need to diversify and retain wealth within Botswana: We’ve been overly dependent on diamonds. We’ve taken a very heavy knock on that front. We are also looking to diversify within the mining sector, looking at critical minerals which we have plenty of, we have copper, nickel, we have cobalt,and we will be looking to leverage on our endowment in these regards to now begin industrialization.
A lot of the wealth of the continent ends up in other jurisdictions. The biggest downside has been to allow the product, the minerals, mined on the African soil to be carted away in the raw. The approach now for Botswana and for the rest of the African continent has to be that of these minerals must take place in country, must take place within the continent, so that value is extracted, so that each country and Africa as a whole becomes a hub for value addition.”
International News
Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC
The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.
The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.
The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.
The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.
Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.
However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.
Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.
With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.
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