Surat’s diamond hub is buzzing with optimism following the India-EU Free Trade Agreement (FTA). Industry leaders hail it as a timely masterstroke that slashes taxes on gems and jewelry from 10% to as low as 0-3%, unlocking vast European markets.
Jagdish Khunt, head of the Surat Diamond Association, called the deal a major relief. ‘This agreement arrives at the perfect moment,’ he said. ‘Our exports to Europe, currently at ₹91,000 crore, are poised for a 20% surge in coming years.’
Dinesh Nawadia, Chairman of the Indian Diamond Institute, echoed the sentiment, labeling the FTA a ‘booster dose’ for the sector. The reduced tariffs will make Indian gems more competitive, fueling growth amid global challenges.
Dr. Vaibhav Garg, Global Government Affairs President at Meril Group, highlighted broader impacts. ‘PM Modi’s ‘mother of all deals’ is proving true,’ he noted. Beyond gems, it opens doors for India’s medtech firms to tap into 500 million EU consumers across 27 nations, aligning with Atmanirbhar Bharat and Make in India.
PM Modi described the FTA not just as trade pact, but a blueprint for shared prosperity. As negotiations finalize, exporters anticipate a renaissance, with Surat leading the charge in this high-value trade boom.