India and the United States have finalised a trade deal following talks between US President Donald Trump and Prime Minister of India Narendra Modi, under which the US will cut reciprocal tariffs on Indian goods from 25 per cent to 18 per cent
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The Gem & Jewellery Export Promotion Council (GJEPC) welcomes the elimination of import duties on Indian gem and jewellery products under the India-EU Free Trade Agreement (FTA). This removes 2-4% duties on precious jewellery, unleashing huge export potential with the 27-member EU bloc—home to the world’s elite buyers.
Prime Minister Narendra Modi, while addressing the nation, announced the signing of the India–European Union Free Trade Agreement (FTA). He congratulated stakeholders from the gems and jewellery industry, highlighting the new opportunities the agreement will unlock for the sector and the country at large.
The GST structure has been overhauled: the 12% and 28% slabs are removed, most items move to 5% or 18%, a special 40% slab is introduced for sin and luxury goods, and individual life and health insurance is exempted. These changes take effect from 22 September 2025.
