DiamondBuzz
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.
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.”
DiamondBuzz
Prices stable for large diamonds, softness continues in the sub-1-carat categories:Rapaport
The report stated that large stones stable; small stones weakest. Market softness continued in the sub-1-carat categories.India saw steeper declines than the US, largely due to the impact of America’s 50% tariff on Indian diamond imports.
US: Steady pre-holiday demand, especially for 2–4 ct, F–J, VS–SI, in rounds and long fancies. Online spending hit record highs over Thanksgiving/Black Friday, yet major retailers continued emphasising lab-grown for fashion segments.India: Domestic demand remained healthy.China: Diamond demand subdued, though jewellery retail showed early stabilisation (Chow Tai Fook revenue –1.1%; Luk Fook +20–30%).
India’s rough imports –45% YoY in October amid Diwali closures and inventory control.De Beers held prices steady and allowed full refusals; its rough remains priced above secondary-market levels.Namibia signalled interest in acquiring a minority stake in De Beers.
Sentiment mixed. Independents report strong interest in large rounds and fancies; marquise and old-mine cuts are outperforming.
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