Business
After year of turmoil, Indian diamonds and gems set to shine in US markets – The Times of India
MUMBAI: Zero-duty access for diamonds and coloured gemstones to the US under the interim trade agreement framework will benefit the gems and jewellery sector, which was termed by industry leaders as a “critical inflection point” after bruising year for exports.The move could help reverse the sharp decline in shipments to India’s largest market, where cut and polished diamond exports fell by over 60% – from $3.64 billion to $1.45 billion – amid tariff-induced loss of competitiveness, they said.Kirit Bhansali, chairman of Gem and Jewellery Export Promotion Council, said, “Last year has been particularly difficult for the sector, and this step restores a level playing field for Indian exporters.”India and the US announced on Saturday that they had reached a framework for an interim trade agreement under which both sides will reduce import duties on a range of goods to boost bilateral trade.“This is a big breakthrough and will lead to more jobs. The tariff rollback will help revive exports and bring back confidence in the market,” said Ashok Gajera, MD Laxmi Diamonds.Under the framework, duties on jewellery have been brought down to 18%, offering what the industry described as immediate, if partial, relief. GJEPC has also urged govt to include lab-grown diamonds and synthetic gemstones in the exemption list, which currently stands at 18%.All India Gem and Jewellery Domestic Council (GJC) chairman, Rajesh Rode, said zero-duty access would give Indian exporters unprecedented entry into the US market. “This strengthens global competitiveness, improves margins, and ensures that artisans’ creations reach international consumers at fair prices.” GJC’s vice-chairman Avinash Gupta described the move as a game-changer for small and medium enterprises that form the backbone of the sector.
Business
‘Friendly nations’ only: Iran allows India, Pakistan, 3 other countries to use Strait of Hormuz amid war – The Times of India
Iran on Thursday said that, despite ongoing military escalation in the Middle East, it has allowed transit through the Strait of Hormuz for “friendly nations,” including India.The consulate general of Iran in Mumbai shared a statement from Iran’s foreign minister Abbas Araghchi, saying: “We have permitted passage through the Strait of #Hormuz for friendly nations, including China, Russia, India, Iraq, and Pakistan.”Araghchi’s remarks came after UN secretary-general Antonio Guterres called for the Strait of Hormuz to remain open.In a post on X, Guterres said, “The prolonged closure of the Strait of Hormuz is choking the movement of oil, gas, and fertilizer at a critical moment in the global planting season. Across the region and beyond, civilians are enduring serious harm and living under profound insecurity. The UN is working to minimise the consequences of the war. And the best way to minimise those consequences is clear: end the war immediately.”
The UN chief also urged US-Israel and Iran to end the ongoing military escalation.“My message to the US & Israel is that it’s high time to end the war – as human suffering deepens, civilian casualties mount & the global economic impact is increasingly devastating. My message to Iran is to stop attacking their neighbours that are not parties to the conflict,” he said.“My message to the US and Israel is that it is high time to end the war, as human suffering deepens, civilian casualties mount, and the global economic impact becomes increasingly devastating. My message to Iran is to stop attacking neighbours that are not parties to the conflict,” he said.However, for Western powers, the key oil lifeline remains the Strait of Hormuz, a critical chokepoint now increasingly volatile amid the US-Israel offensive on Iran. The strong retaliatory action by Tehran regime included the choking of key waterway in the Gulf, with fears that any disruption could effectively choke global energy flows.
A mothballed carbon dioxide plant is to be reopened with a Government grant of up to £100 million amid fears of shortages caused by the Iran war.
Business Secretary Peter Kyle signed off the grant to reopen the Ensus plant on Teesside, according to the Financial Times.
It is understood the grant will pay to get the plant up and running again for an initial three-month period.
The plant was mothballed last year after a trade deal with the US cut tariffs on bioethanol, its main product.
It will be reopened due to its ability to produce CO2 as a by-product. The gas is vital for several sectors, including drinks and the nuclear industry, but supply has been disrupted thanks to soaring energy costs on other sources such as fertiliser factories.
The grant for the Ensus plant is the first major intervention by the UK Government aimed at tackling possible shortages caused by the Iran conflict.
But fears range much wider than CO2, with former BP executive Nick Butler telling Times Radio the UK could face oil and gas shortages in two to three weeks.
He said: “There will be shortages and I think the Government now should be seriously planning how they’re going to handle that and part of that is maximising supply.”
On Tuesday, Shell chief executive Wael Sawan issued a similar warning at an industry conference.
Ministers continue to insist the supply of petrol remains reliable.
Energy minister Michael Shanks told MPs on Wednesday the Government was “absolutely not” planning for blackouts or petrol rationing, insisting the UK had a “strong and diverse range of supplies”.
The key question remains how long Iran’s effective blockade of the vital Strait of Hormuz will last.
On Thursday, Foreign Secretary Yvette Cooper will urge Iran to reopen the Strait of Hormuz as she travels to the G7 Foreign Ministers’ meeting in France.
She will make clear that the UK will help ensure safe passage for ships through the strait and provide an additional £2m in humanitarian aid to Lebanon.
Ms Cooper is expected to hold talks with counterparts, including US secretary of state Marco Rubio, France’s Jean-Noel Barrot, and Germany’s Johann Wadephul.
The strait remained closed on Wednesday evening, despite Iran’s foreign minister Abbas Araghchi claiming it was open to “non-hostile” shipping.
The conflict continued with Washington saying it would hit Iran “harder” if Tehran refused to accept it had been “defeated militarily”.
White House spokeswoman Karoline Leavitt insisted “productive” talks were continuing between Washington and Tehran.
But Mr Araghchi said in a message on his Telegram channel, translated from Farsi, that there had been “no negotiations or discussions with the American side” and suggested the US had effectively admitted defeat.
He said: “Didn’t they talk about ‘unconditional surrender’ before? What happened now that they are talking about negotiations and calling for them?
“I will explain that there are no negotiations, but the fact that they are mobilising their highest officials to negotiate with the Islamic Republic indicates their acceptance of defeat.”
new video loaded: How Kharg Island May Change the Trajectory of the Iran War
By Peter Eavis, Gilad Thaler, Edward Vega, Lauren Pruitt and Joey Sendaydiego
March 25, 2026
‘Friendly nations’ only: Iran allows India, Pakistan, 3 other countries to use Strait of Hormuz amid war – The Times of India
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