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EFTA deal will see diamond tariffs gradually reduce to zero over the next decade

Tariffs on Indian diamonds are currently between 2.5 per cent and 5.0 per cent. The new agreement will see a phased reduction over 10 years to zero.

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India has signed a trade agreement with four of its smaller European trading partners that will see diamond tariffs gradually reduce to zero over the next decade.The deal with Switzerland, Iceland, Liechtenstein and Norway, all non-EU members belonging to the European Free Trade Association (EFTA), aims to generate $100bn in investment across all sectors over the next 15 years.

In terms of diamonds, Switzerland is by far the most significant importer from India. The others currently trade negligible diamond volumes with India.

The Trade and Economic Partnership Agreement (TEPA) was agreed in March, after 16 years of negotiations, but has only just been ratified by all four member countries.

On Saturday (19 July) India’s commerce and industry minister Piyush Goyal officially announced that the agreement will come into effect from 1 October.

Piyush Goyal said: “The agreement is one of India’s most comprehensive trade pacts, expected to significantly deepen economic ties by unlocking substantial foreign direct investment and boosting trade across multiple sectors.”The pact targets $50bn in Foreign Direct Investment (FDI) over the first 10 years, followed by another $50bn in the subsequent five years, aiming to generate one million direct jobs in India.”

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DiamondBuzz

De Beers brings Diamonds and Glamour to London

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Insiders suggest a star-studded journey to London might be on the cards. But why London? Beyond its glittering reputation as a global hub for jewellery and fashion, whispers point to something far more dazzling — De Beers is set to host a major showcase in the city.

This year, De Beers Group makes its grand debut at Frieze London, marking a landmark moment where the world of natural diamonds meets the world of art. In collaboration with Frieze Masters, the brand will unveil Voyage Through the Diamond Realm — an immersive experience said to capture the mystery, beauty, and brilliance of natural diamonds like never before.

To bring this vision to life, De Beers has invited India’s leading style and art connoisseurs, including Twinkle Khanna, Ananya Panday, Sara Tendulkar, Karan Johar and many more. Known for their refined taste and appreciation of art and design, these tastemakers are the perfect ambassadors to experience natural diamonds in a whole new light — where every facet tells a story of time, pressure, and perfection.

While details remain under wraps, those close to the brand hint that the experience will be nothing short of transformative — a moment where science, storytelling, and rarity converge to celebrate nature’s most extraordinary creations.

One thing’s certain: when De Beers Group meets Frieze London, the city is bound to shine a little brighter — and perhaps, so will those boarding that flight.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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