Antwerp’s natural diamonds will face lower import tariffs in India following a new trade agreement between the European Union and India, the Antwerp World Diamond Centre (AWDC) announced on Tuesday.
The import tariff on European-cut natural diamonds will drop from 5.5% to 2.5%, benefitting diamonds processed in Antwerp.
While the AWDC had hoped for a zero tariff, it expressed satisfaction with this reduction and called it "a victory for Antwerp’s diamond industry."
The organisation expects the new tariff to positively influence bilateral trade between Antwerp and India.
In recent years, Antwerp’s diamond industry has faced competition from less ethically regulated markets and inexpensive synthetic diamonds.
According to the AWDC, the trade agreement provides much-needed security for the industry amidst these challenges.
