GJ Town India

  A global zero percent tariff on diamonds is particularly important for  Belgian diamantaires, who often trade diamonds polished in India!   Thanks to intensive negotiations, the Antwerp World Diamond Centre (AWDC), the umbrella organization for the Antwerp diamond industry, has succeeded in securing a zero percent import tariff for natural polished diamonds under the trade agreement between the European Commission and the United States.    This exemption is part of a U.S. executive order, effective retroactively as of Monday, September 1, which grants tariff waivers to trade partners that conclude agreements covering industrial exports, including nickel, gold, other metals, pharmaceuticals, and chemicals. Concretely, this means that diamonds of European origin – for example, polished in Antwerp – will no longer be subject to the standard 15% tariff, but can instead be imported at 0% duty.    This is a tremendous boost for the Antwerp di...

  Discusses relief measures over 50% U.S. Tariff Impact    A delegation from the Gem & Jewellery Export Promotion Council (GJEPC), led by Chairman Kirit Bhansali, along with Vice Chairman Shaunak Parikh and Executive Director Sabyasachi Ray, met with the Hon’ble Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, to discuss urgent relief measures for the Indian gem and jewellery sector, which has been significantly impacted by the recent 50% tariff imposed by the United States.    During the interaction, Bhansali expressed gratitude to the Finance Minister for the landmark GST reforms that have positively shaped the industry. The delegation put forth key requests to provide immediate relief and ensure business continuity, including, 1: Permission for reverse job work, 2: Allowing DTA sales by SEZ units, 3: Extension of export obligation periods, 4: Interest moratorium on packing credit and working capital loans & 5: Liquidity s...

The trade war has gone on for far too long The costs have grown far too high Tariffs Hurt the Heartland Tariffs Hurt the Heartland, the national campaign comprised of over 150 of America’s largest trade organizations from across retail, tech, manufacturing and agriculture, released the statement after the Trump administration released a list of $300 billion in additional products they plan to place tariffs on. “As the White House’s top economic advisor has acknowledged, tariffs are taxes paid by American businesses and consumers – not foreign governments. This latest escalation means the trade war will only get worse and hit home for every American. Forcing American consumers to pay more for clothes, shoes, toys, electronics and even food, while making it more difficult for exporters to compete, will do nothing to hold China accountable. Farmers, low-income consumers and small businesses will be disproportionately impacted at a time when every sale and every doll...