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U.S., India Trade Deal One Step Closer to Being Finalized
The White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Under the terms of a proposed trade deal, the tariff on loose natural diamonds and colored gemstones imported into the United States from India will drop to 0 percent. The import tax on finished diamond jewelry, colored gemstone jewelry, cultured pearls, and lab-grown diamonds will be 18 percent.
Washington, D.C.—The proposed trade deal between the United States and India that could bring “immense relief” to the diamond industry took an official step forward late last week.
On Friday, the White House said in a joint statement that the United States and India have outlined a framework for an interim trade agreement that will advance negotiations on a broader bilateral trade agreement.
The statement followed President Donald Trump’s announcement, made last week on Truth Social, that he and Indian Prime Minister Narendra Modi had reached a deal.
Under the terms of the agreement, the U.S. will drop the reciprocal tariff on Indian goods entering the country to 18 percent from 25 percent.
The U.S. also will remove the additional 25 percent tariff added in August as a penalty for India’s purchase of Russian oil, a move that increased the tax on India imports to a crushing 50 percent.
When the interim agreement is finalized, certain goods will be exempt from tariffs, including rough and polished natural diamonds and gemstones, and natural pearls.
Natural diamonds and colored gemstones set into jewelry will be taxed at 18 percent, as will cultured pearls and lab-grown diamonds.
India, in turn, will eliminate or reduce tariffs on all U.S. industrial goods and a wide range of food and agricultural products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, and wine and spirits, the White House said.
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On Friday, the White House said in a joint statement that the United States and India have outlined a framework for an interim trade agreement that will advance negotiations on a broader bilateral trade agreement.
The statement followed President Donald Trump’s announcement, made last week on Truth Social, that he and Indian Prime Minister Narendra Modi had reached a deal.
Under the terms of the agreement, the U.S. will drop the reciprocal tariff on Indian goods entering the country to 18 percent from 25 percent.
The U.S. also will remove the additional 25 percent tariff added in August as a penalty for India’s purchase of Russian oil, a move that increased the tax on India imports to a crushing 50 percent.
When the interim agreement is finalized, certain goods will be exempt from tariffs, including rough and polished natural diamonds and gemstones, and natural pearls.
Natural diamonds and colored gemstones set into jewelry will be taxed at 18 percent, as will cultured pearls and lab-grown diamonds.
India, in turn, will eliminate or reduce tariffs on all U.S. industrial goods and a wide range of food and agricultural products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, and wine and spirits, the White House said.
Following Friday’s statement from the White House, Jewelers of America noted the work it has done to help the administration understand the complexities of the jewelry supply chain, and the impact high tariffs on India have on the industry.
Key among the discussions was an August meeting with Peter Navarro, senior counselor to the president on trade and manufacturing, that aided in the addition of diamonds and gemstones to the list of articles potentially exempt from tariffs.
“We explained that diamonds and gemstones cannot be sourced in the U.S. and the trade relies on India particularly for the importation of diamonds, and trade in precious gemstones as well. We are thrilled they listened and as a result included diamonds and gemstones as a part of the larger negotiation with India,” JA President and CEO David Bonaparte said.
“Jewelers of America, along with JA’s legal counsel and advocacy in Washington, D.C.—which has developed significant and meaningful relationships over the last 25 years—has been leading the way in these negotiations.”
Bonaparte also noted the role the Gem & Jewellery Export Promotion Council—India’s JA equivalent—has played in “consistently and very effectively” negotiating with the Indian government to ensure diamond and gems were included in the trade deal.
On Friday afternoon, the Jewelers Vigilance Committee issued a member alert noting that while the statement is a step toward a trade deal, nothing is official yet.
In the meantime, the organization recommended members assess their supply chain to determine how a trade deal with India may affect cost and sourcing strategies, and work with customs brokers, legal counsel, and trade specialists to understand the deal’s potential impact on gemstones, jewelry components, and finished jewelry.
JVC said it will provide updates as the interim agreement is finalized and tariff implementation actions are published in the Federal Register or via executive order.
The organization also has a tariff tracker on its website.
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