The Antwerp World Diamond Centre (AWDC) has welcomed the conclusion of the EU\u2013India trade agreement. The pact provides for a reduction of India\u2019s import duty on naturally polished diamonds of European origin, from 5.5% to 2.5%. AWDC said the tariff reduction follows its sustained lobbying in close coordination with the European Commission.<\/p>\n
\u201cWe are extremely pleased with the outcome of the long-awaited trade agreement between Europe and India,\u201d said Karen Rentmeesters, CEO of AWDC. \u201cThanks to AWDC\u2019s intensive and sustained lobbying, in close cooperation with the European Commission, India\u2019s import duty on polished diamonds has been reduced from 5.5% to 2.5%. This is an important boost for the Belgian diamond sector and is expected to have a positive impact on exports of Antwerp-polished diamonds to India.\u201d<\/p>\n
She added that the agreement strengthens Antwerp\u2019s competitive position as a polishing hub. \u201cDiamonds polished in Europe will now be able to enter India at a more favourable tariff than before, and also compared to other major trading hubs. India is one of the fastest-growing consumer markets for jewellery and therefore also offers strong prospects for European diamonds.\u201d<\/p>\n
Rentmeesters also highlighted the importance of tariff stability. \u201cSince 2012, we have seen the tariff fluctuate from 2% to 2.5%, then to 5% and even 7.5% in 2018, before falling again to 5.5% in 2022. This lack of predictability created uncertainty within the sector. The fact that the tariff is now anchored in a trade agreement provides much-needed stability in a period that \u2014 partly due to geopolitical developments \u2014 is particularly challenging for the diamond sector, as it is for many other sectors.\u201d<\/p>\n
Trade agreements need to be ratified by European and national parliaments before entering into foce. This procedure that usually takes multiple months or sometimes even years, AWDC noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Antwerp World Diamond Centre (AWDC) has welcomed the conclusion of the EU\u2013India trade agreement. The pact provides for a reduction of India\u2019s import duty on naturally polished diamonds of European origin, from 5.5% to 2.5%. AWDC said the tariff reduction follows its sustained lobbying in close coordination with the European Commission. \u201cWe are extremely…<\/p>\n","protected":false},"author":1,"featured_media":34932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-34929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n