India, Belgium Should Work Together On Lab-grown Diamonds, Says Piyush Goyal

Union Commerce Minister Piyush Goyal on Friday suggested that India & Belgium collaborate on lab-grown diamonds, including technology and certification. Speaking at a high-level dialogue on the India-EU FTA in the presence of Belgian Prime Minister Bart De Wever, Goyal said gems and jewellery were a key area of complementarity between the two economies. He proposed anchoring the initiative in Antwerp, a major rough-diamond marketplace, and in Mumbai and Surat, leading Indian diamond-polishing centres.

Earlier, Wever inaugurated the Belgian diamond-grading company HRD Antwerp’s expanded facility at Bharat Diamond Bourse, which will increase its research capacity by 30 per cent. Wever said the India-EU FTA, signed in January this year, will scrap or reduce tariffs on 95 per cent of Indian and European goods exports, but argued that tariffs on diamonds could be reduced to zero. He warned against rising protectionism, arbitrary tariffs and market barriers, saying they threaten global economic and geopolitical stability.

Regarding the India-US trade pact, Goyal stated that India seeks preferential market access and lower tariffs than those faced by its competitors.