International News
Kirit Bhansali, Chairman, GJEPC, Joins Union Commerce & Industry Minister Piyush Goyal in India’s High-Level Business Delegation to Israel
Reinforces India–Israel Partnership in Diamonds, Jewellery, and Emerging Technologies
Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), was part of the high-powered Indian business delegation led by Piyush Goyal, Honourable Union Minister of Commerce & Industry, during the India–Israel CEO Forum held in Tel Aviv on 20th November 2025. The visit marks the first time in many years that an Indian Commerce Minister has travelled to Israel, signalling a renewed momentum in bilateral cooperation across sectors—particularly gems and jewellery, a cornerstone of India–Israel economic relations.
The Forum was inaugurated by Piyush Goyal alongside Israel’s Minister of Economy and Industry, Nir Barkat, marking what both leaders described as “a new era of friendship and opportunity” between the two nations.
Kirit Bhansali also met Minister Barkat during the visit and discussed avenues for strengthening cooperation in areas such as responsible diamond sourcing, innovation-led manufacturing, and digital transformation of the supply chain.
Reflecting on Minister Goyal’s leadership during the visit, Kirit Bhansali said, “Piyush Goyal’s historic visit to Israel has opened new doors for deeper collaboration in trade, technology, and investments. His message of trust, innovation, and shared opportunity resonates strongly with our industry. The gem and jewellery sector is committed to deepening our long-standing partnership with Israel to advance a future-ready, transparent, and technologically advanced supply chain.”
He added that the Minister’s engagement with Israeli leadership and industry is expected to catalyse fresh investment, promote cross-border innovation, and reinforce India’s role as a global hub for diamonds, jewellery, and precision manufacturing.
In his address at the India–Israel CEO Forum, Kirit Bhansali reaffirmed the historic and mutually reinforcing partnership between the two nations in the diamond trade. He noted that “India and Israel have built one of the world’s most respected diamond value chains. Israel’s technological leadership and India’s unmatched manufacturing scale complement each other perfectly.”
Reiterating GJEPC’s commitment to ethical and transparent trade, Kirit Bhansali said that India looks forward to Israel’s strong and constructive engagement in the Kimberley Process (KP) to uphold responsible sourcing standards worldwide. He added that Israel has long been recognised as a pillar of the global diamond industry, renowned for its innovation, expertise, and integrity, and noted that its continued proactive role is vital for strengthening the global diamond ecosystem.
Bilateral gem and jewellery trade between India and Israel has traditionally been centred on diamonds, with India importing rough stones from Israel and exporting polished diamonds back to the Israeli market. In recent months, the trade relationship has begun to broaden meaningfully, driven by strong growth in gold jewellery exports from India to Israel. Although India’s gem and jewellery exports moderated in recent years—from over USD 1 billion to around USD 600–700 million—there are clear signs of revival. India’s imports from Israel grew by more than 60% between April and September 2025, while gold jewellery exports surged by over 200%, crossing USD 25 million. This renewed momentum, combined with early signs of export stability, reflects a more balanced, resilient, and forward-looking trade partnership between the two nations.
GJEPC believes that the renewed engagement between India and Israel—reinforced by Minister Goyal’s visit—comes at a crucial time for the global diamond and jewellery sector. Strengthening trust, embracing innovation, and expanding responsible sourcing mechanisms will be key to building a future-ready industry.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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