National News
INDIA-US announcement on reaching a framework for an Interim Agreement
GJEPC hails Interim Agreement framework as a major boost for exports, competitiveness, and India–US trade ties
Welcoming the India–US announcement on reaching a framework for an Interim Agreement, the Gem & Jewellery Export Promotion Council (GJEPC) has termed the move a critical breakthrough for the Indian gem and jewellery industry. The proposed zero-duty access for diamonds and coloured gemstones to the US is expected to revive exports, restore global competitiveness, and provide timely relief to the sector after a prolonged period of tariff-led pressure.
“The Indian gem & jewellery industry is elated by the announcement of zero-duty access for diamonds and coloured gemstones to the US under the Interim Agreement framework — a decisive turning point that breathes new life into the sector.
The diamond sector had taken a severe hit over the past year, with India’s cut and polished diamond exports to the US — our largest market — declining by over 60%, from USD 3.64 billion in April–December 2024 to USD 1.45 billion in April–December 2025, as tariffs eroded competitiveness.
Recognising this risk early, GJEPC began focused engagement not only with Government of India but to the stakeholders in USA and across the world. In March 2025, GJEPC formally proposed for the inclusion of cut and polished diamonds and coloured gemstones under Annexure III at the IDMA Presidents’ Meeting in New York. This was followed by coordinated global advocacy through the World Diamond Council in May 2025, alongside representations to key US industry bodies.
Under the announced framework, duties have been reduced to 18% on jewellery, which itself provides meaningful relief to exporters. We are confident that, upon conclusion of the Interim Agreement, diamonds and coloured gemstones will receive full zero-duty treatment as envisaged, restoring competitiveness in our most critical market.
These efforts were actively taken up by the Government of India with the United States. We applaud and sincerely commend the Hon’ble Prime Minister, Narendra Modi, US President Donald Trump & Hon’ble Commerce & Industries Minister Piyush Goyal and the entire government machinery for the remarkable speed and efficiency in reaching this framework within days of the announcement of the deal, a testament to visionary leadership and an unwavering commitment to strengthening India-US trade ties.
The Council has also taken up with the Government of India the need to pursue inclusion of laboratory-grown diamonds and synthetic gemstones under the Annexure III exemption list of US tariffs.”
-Kirit Bhansali, Chairman, GJEPC
source: GJEPC
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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