New Delhi, Feb 8 (TNT): The All India Gem and Jewellery Domestic Council (GJC) on Sunday hailed the announcement of zero duty on exports of gems and diamonds as a major boost to India’s export economy, competitiveness, and employment generation, particularly benefiting small and medium enterprises (SMEs) in the sector.
Reacting to the announcement, Mr. Rajesh Rode, Chairman of GJC, said the move significantly enhances India’s positioning in the global gems and jewellery trade.
In a statement, he said “We extend our heartfelt gratitude to Prime Minister Narendra Modi and Commerce Minister Piyush Goyal for their visionary leadership in securing this landmark agreement.”
With tariffs on gems and diamonds now reduced to zero, Indian exporters gain unprecedented access to the US market. This breakthrough strengthens our global competitiveness, boosts margins, and ensures our artisans’ creations reach international audiences at fair prices. While jewellery continues under an 18 percent tariff, the gains in gems and diamonds are a powerful step forward, positioning Indian craftsmanship as a global symbol of excellence, he added.
Industry leaders believe the decision will improve export volumes, price competitiveness, and profitability for Indian exporters, especially at a time when global demand is becoming increasingly price-sensitive.
Mr. Avinash Gupta, Vice Chairman of GJC, highlighted the transformative impact on MSMEs and employment.
The removal of tariffs on gems and diamonds is a game-changer, especially for small and medium enterprises that form the backbone of our sector. SMEs and family-run businesses will now access the US market on equal terms, leading to higher exports, stronger revenues, and significant job creation. While finished jewellery remains at 18 per cent duty, this agreement lays the foundation for broader opportunities and creates a multiplier effect across allied industries such as logistics, design, and retail. It is both an economic and social victory, empowering communities nationwide,” he added.
The gems and jewellery sector is one of India’s largest foreign exchange earners, and industry stakeholders expect the zero-duty regime to drive export growth, investment inflows, and job creation, while strengthening India’s role in global supply chains.
TNT KS
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