India-US trade negotiations have gathered fresh pace following a new round of discussions between Shri Piyush Goyal, Hon’ble Union Minister of Commerce & Industry, and Mr. Jamieson Greer, Ambassador and US Trade Representative (USTR), along with his delegation, in New Delhi on 23–24 June 2026. The meetings focused on reviewing progress on the proposed bilateral trade agreement and identifying opportunities to strengthen economic cooperation between the two countries.
The gem and jewellery industry is closely monitoring these developments, with expectations that the proposed Interim Trade Agreement will improve export opportunities to the United States by providing greater market access.
As outlined under the interim trade framework announced in February, natural cut and polished diamonds and coloured gemstones are expected to receive zero-duty access to the US under Annex III once the agreement comes into force. The Gem & Jewellery Export Promotion Council (GJEPC) has also requested the Government of India to seek the inclusion of laboratory-grown diamonds and synthetic gemstones in the Annex III exemption list.
The latest round of talks reflects continued progress towards finalising the interim agreement. For India’s gem and jewellery sector, its implementation could significantly enhance the competitiveness of natural diamond exports in the US while addressing one of the industry’s long-standing trade priorities.