European Commission president Ursula von der Leyen and Indian prime minister Narendra Modi have signed a free trade agreement, which will benefit the bilateral trade, including the gem and jewellery sector.
“We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit,” von der Leyen wrote on social media.
Modi said that the deal will cover about 25% of the global GDP, and India will get a trade boost in such sectors as textiles, gems and jewellery, and leather goods. According to European Commission data, goods traded between India and the EU in 2024 topped $140 billion, making the bloc New Delhi’s largest trading partner.
The agreement is set to benefit India’s gem and jewellery sector since Belgian city of Antwerp is a major diamond trading hub. India is the world’s biggest polished diamond manufacturer, accounting for about 90% of global output.
India’s total exports to six major EU markets - Netherlands, Germany, Italy, Spain, France and Belgium - totalled $43.8 billion for the nine months ending December 31, 2025.
Theodor Lisovoy, Managing Editor, Rough&Polished
