US-India interim trade deal to cut tariffs on gems, diamonds
The United States and India issued a joint statement announcing a framework for an Interim Agreement that would, if successfully concluded, remove the reciprocal tariff on gems and diamonds, aiming to give trade between the two countries a real push.
If the deal goes through, tariffs on Indian exports will fall from 50% to 18%, and the joint statement said the United States would remove the reciprocal tariff on goods including gems, diamonds, generic medicines, and aircraft parts.
India to buy $500 billion worth of US energy products
India's returning the favor by slashing or removing tariffs on all kinds of US industrial and farm products—from tree nuts and fruit to wine and spirits.
Plus, India plans to buy $500 billion worth of US energy products, aircraft parts, and tech over five years.
A lifeline for India's struggling gems and jewelry industry
The move is a lifeline for India's struggling gems and jewelry industry—which saw exports drop 44% in April-December 2025. This sector supports millions of livelihoods across the country.
The Gem & Jewelry Export Promotion Council said it looked forward to reviewing detailed provisions and engaging further to advance exports, MSME growth and employment.
A signing date has not been announced.