Mumbai, Feb 10: The India-US trade deal is very good and the biggest advantage it brings to the diamond industry is that under Section 3, diamonds and gemstones will now be moved to a zero per cent tariff, which is a major step forward, Avinash Gupta, Vice Chairman of All India Gem and Jewellery Domestic Council (GJC), has said.
Speaking to IANS, Gupta said the deal will greatly help India’s cutting and polishing industry to survive, as earlier, 9 out of 10 diamonds were cut in India, and the US tariffs caused many artisans in Surat to face difficulties.
“This trade agreement is very comprehensive and I believe it will bring major benefits to ‘Make in India’. Along with skill transfer in various industries, India’s recent trade deals, not just with the US but also with the EU, will have a significant impact,” he mentioned.
He further stated that when we talk about zero per cent duty in the gems and jewellery industry, it currently applies only to diamonds and gemstones.
“Jewellery itself is a very large segment, which has not yet been included under the zero per cent duty bracket. I would appeal to the government to also include jewellery under Section 3 during future negotiations. If jewellery is brought under this framework, it will bring huge benefits,” Gupta told IANS.
As manufacturing hubs continue to develop in India, one can already see the positive impact.
“Earlier, when electronics manufacturing began in India, our country was a net importer but today, it has become an exporter. The same pattern is being seen in the automobile industry and now in the gems and jewellery sector as well,” said Gupta.
At present, the government has set a very big target — to make India a complete exporter country before 2047 and to establish it as a global production hub for jewellery.
“This vision of Prime Minister Narendra Modi, I believe, will be achieved by 2047,” Gupta added.
—IANS