De Beers working with govt for zero-tariff in US
MUMBAI: De Beers Group is collaborating with the Indian govt to establish a policy of zero tariff for diamonds entering the US after being cut and polished in India. The group has also met with Piyush Goyal, minister of commerce and industry, requesting him to engage with his US counterpart for the "free flow of diamonds".
Al Cook, CEO of De Beers Group, stated that 90% of diamonds are exported from India, making it crucial for the country to secure a deal before July 9. "Britain and India seem to be doing very good jobs on working with tariff deals with the US. I am very confident that India will reach a deal ahead of July 9. We have already seen a deal in the UK," he said.
Cook added that beyond India and the US, the world allows the "free flow of natural diamonds" as there are only a few places around the world, mainly in Africa, where they are produced.
Since diamonds are mined in the US and cut and polished mostly in India, a zero-duty entry of diamonds into the US will not lead to any job losses, he reasoned. "We don't think there should be a tax on love," the De Beers CEO remarked. Discussing shifting trends, he noted that until a few years ago, it was about diamonds 'from India' and 'by India,' but now it is 'for India' and 'to India.
' He was hinting at the increasing domestic demand for diamonds in the second largest market in the world.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Trading CFD dengan Teknologi dan Kecepatan Lebih Baik
IC Markets
Mendaftar
Undo
The diamond conglomerate forecasts that India's natural diamond consumption market is likely to double in the coming five years, from about $9-10 billion to about $18-20 billion. Speaking about the bifurcation of the market into natural and lab-grown diamonds (LGD), he mentioned that as LGD wholesale value has fallen to below $60 per carat, the significance of technology-enabled diamond testing has grown in importance.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
Libra Daily Horoscope Today, June 05, 2025: A small sign brings big insight
Today, something unexpected—a word, a dream, or even a random message—might hold deep meaning. Pay attention. Life is gently showing you something you've been missing. This moment may feel small, but it brings big clarity. Don't brush it aside. You've been seeking direction, and now it arrives quietly. Trust the message that shows up when your heart is still. A meaningful coincidence is not an accident—it's guidance. Let this sign help you make a decision or feel more certain about your path. Libra Love Horoscope Today In love, you may receive an emotional signal—a look, a gesture, or a silence—that says more than words. If in a relationship, be present and open. Your partner may be expressing something without directly saying it. If single, someone may give a subtle but kind message of interest. Notice what is not loud. True feelings are often whispered. Let love show itself in simple ways. A soft smile, an old memory, or even a shared silence can deepen your connection today. Libra Career Horoscope Today At work, you may come across a detail or coincidence that shifts your view. Maybe it's a task you've done before, a name you hear again, or a comment that feels relevant. Don't ignore these soft nudges—they carry direction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo If stuck, step back and watch. Sometimes clarity comes not from more effort, but from a sign that confirms your doubt or hope. A mentor or colleague may say something today that guides you more than they know. Let insight shape your move. Libra Money Horoscope Today Financially, you may come across a piece of advice or a financial tip that sounds familiar—but today, it lands differently. Don't ignore it. Maybe someone repeats something you once heard. Maybe you find an old paper or reminder. That's your sign to act or review. Even if the step is small—like saving slightly more, cancelling an expense, or reviewing an old plan—it will have strong effect. Money wisdom sometimes comes in soft ways. Notice it and act gently but firmly. Libra Health Horoscope Today Health today may benefit from slowing down enough to notice your own patterns. Maybe your body reacts at a certain time or after a specific food—but you ignored it. Today, that pattern might repeat. Don't see it as a problem—see it as a message. A small shift in sleep, food, or routine can prevent a bigger issue. Trust your instincts. They are trying to speak. Healing comes not from force today, but from paying attention to what your body is showing you. Discover everything about astrology at the Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces .
The Print
34 minutes ago
- The Print
French trade minister meets Piyush Goyal, says France one of India's best economic partners
'With my Indian counterpart Piyush Goyal, I reaffirmed a conviction: France is one of India's best economic partners… Reforms, stability, innovation, access to EU and India markets: there's everything to strengthen our bilateral relationship,' Saint-Martin stated in a post on X. The minister highlighted the potential to further strengthen bilateral ties through 'reforms, stability, innovation, and enhanced market access to the EU and Indian markets.' Paris : French Foreign Trade Minister Laurent Saint-Martin on Tuesday reaffirmed the 'conviction' that France is one of 'India's best economic partners' after his meeting with Union Commerce and Industry Minister Piyush Goyal in Paris. Following his meeting with Goyal, Saint-Martin also expressed optimism about the ongoing India-EU Free Trade Agreement (FTA) negotiations, anticipating a possible agreement in the coming weeks or months. 'It's important to demonstrate that we believe in free trade, not trade wars,' he stressed. 'Minister Goyal arrived with a strong business delegation – over 50 companies, which is significant. At a time when global trade is facing challenges, we believe it's crucial for India and France to strengthen their ties… The European Union and India are progressing toward a Free Trade Agreement, and as a member of the European Commission, we fully support this… I'm optimistic that we could see an agreement in the coming weeks or months… It's important to demonstrate that we believe in free trade, not trade wars,' the French Minister told reporters. He emphasised the importance of fostering deeper cross-border trade and investments between the two nations. 'At the same time, we must foster deeper bilateral relations between France and India, which means enhancing cross-investments, more cross-border trade… All the friendship that President Macron and PM Modi have will, of course, help our bilateral relations to go deeper now,' he added. Earlier on Monday, the Union Minister held a productive meeting with French Minister of Economy, Finance, and Industrial and Digital Sovereignty, Eric Lombard, focusing on deepening the India-France economic partnership with an emphasis on trade, investments, and technology cooperation. The discussions, which took place during Goyal's three-day official visit to France, also reviewed the progress of the India-EU Free Trade Agreement (FTA) negotiations, signalling a strong intent to bolster bilateral ties amidst a shared commitment to innovation and economic growth. 'Held a productive meeting with Eric Lombard, French Minister of Economy, Finance, and Industrial and Digital Sovereignty. Exchanged views on deepening our economic partnership, enhancing trade & investments with a special focus on technology and innovation across key sectors. Also discussed the progress of the India-EU FTA negotiations. Looking forward to stronger India-France economic ties,' Goyal said in a post on X. He also expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European Union (EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs. Goyal also held a series of high-level meetings in Paris with top French CEOs to explore new opportunities for India's growth across key sectors such as renewable energy, automobile manufacturing, electric vehicles (EVs), and consumer products. The minister commenced his three-day official visit to Paris on Sunday as part of his ongoing visit to France and Italy from 1 to 5 June 2025. This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content Also read: US, India to give preferential access to each other's businesses, says Piyush Goyal
Time of India
34 minutes ago
- Time of India
Uttarakhand cabinet clears 4 Badrinath projects; tax rebate for CNG, EV vehicles
Dehradun: The Uttarakhand cabinet on Wednesday approved 12 proposals, including four related to development projects in Badrinath and a tax exemption for CNG and electric vehicles. Secretary Shailesh Bagauli said permission was granted for creating Sudarshan Chakra and Sheshnetra Lotus wall artworks at prominent Badrinath locations, including Arrival Plaza and Lakefront. Another decision pertains to the construction and installation of the Tree and River Sculpture at Badrinarayan Chowk. In a major green push, the cabinet has amended the tax structure for certain categories of eco-friendly vehicles. Under a notification dated Jan 2, 2019, issued under the Uttarakhand Motor Vehicle Taxation Reform Act, 2003, one-time tax rates were specified for vehicles powered by electric batteries, solar energy, or CNG. The cabinet has now decided to extend this exemption to plug-in hybrid electric vehicles and strong hybrid electric vehicles under the new Rule 125 "M" of the Central Motor Vehicle (Ninth Amendment) Rules, 2023. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nejapa: Invierte $100 en AES CFD [Lee más] ofertas especiales Contáctanos Undo "The purpose of this decision is to encourage vehicle owners to purchase and use these categories of vehicles and to reduce pollution," said Bagauli. The tax exemption will be applicable only once during the financial year 2025–26. To streamline recruitment processes for Group-C positions outside the purview of the Uttarakhand Public Service Commission, the state had earlier established the Uttarakhand Subordinate Service Selection Commission, creating a framework of 64 temporary positions—of which 62 were created, with the remaining two treated as a dying cadre. Given the rising number of requisitions from departments, the cabinet has now approved a restructuring of the commission's framework by creating 15 new positions—one regular and 14 outsourced—on top of the existing 62. In another administrative decision, the cabinet approved the designation of the head of the Uttarakhand Forensic Science Laboratory Department. With the lab now directly under the control of the Home department, the director of the Forensic Science Laboratory will now be officially recorded as the department head in govt records. The cabinet also cleared a proposal to restructure the Uttarakhand Human Rights Commission, which was established in 2011 with 47 positions. The structure has not been revised in over a decade, affecting its functioning. To address operational requirements, 12 new positions will be created. In line with central govt directives, the cabinet approved a proposal to make employees covered under the National Pension Scheme (NPS) eligible for gratuity within the state. To ensure transparency and uniformity in recruitment processes for uniformed positions, the cabinet has approved the promulgation of the Uttarakhand Uniformed Constable Direct Recruitment Selection Process Rules, 2025, and the Uttarakhand Uniformed Sub-Inspector Direct Recruitment Selection Process Rules, 2025. These rules were formulated in consultation with relevant departments and selection bodies to ensure a standardised selection process for constables and sub-inspectors. Also, changes were made to benefit the dependents of deceased environmental workers under the 1974 rules. Under the Clean Mobility Transition Policy, 2024, the transport department had planned to deposit funds for various incentives in an escrow account titled the Uttarakhand Clean Mobility Transition Fund. However, banks raised concerns regarding the opening of such accounts. As per a finance department order dated July 5, 2023, budgetary grants must be deposited in Single Nodal Agency (SNA) accounts integrated with IFMS. In view of this, the cabinet has decided to open an SNA account instead of an escrow account for the same fund.
