ISRAEL ministry of industry, trade and labour said in a press release that India plans to reduce the tariff on diamond imports from early next year. However, the Indian government has yet to make a formal announcement.%%Polished diamond imports into India currently attract a 5 per cent tax, while rough diamonds are exempt from any import levies. Diamonds currently account for 70 per cent of Israel’s exports to India.%%Eli Yeshai, Israel’s deputy prime minister and minister of industry, trade and labour, who is heading a business delegation to India, met with the Indian commerce minister Kamal Nath on December 4th. Both ministers expressed eagerness to increase bilateral trade in several sectors.