India-EU FTA to Boost Gems, Jewellery Trade to $10 Billion: GJEPC

The Gems and Jewellery Export Promotion Council (GJEPC) predicts the India-EU Free Trade Agreement (FTA) will double gems and jewellery trade to $10 billion in three years. This growth is attributed to the removal of 2-4 percent duties on precious jewellery, unlocking significant export potential for Indian manufacturers in the 27-member EU bloc, a major market for luxury buyers.

The India-EU Free Trade Agreement (FTA) is set to significantly impact the gems and jewellery sector, with the Gems and Jewellery Export Promotion Council (GJEPC) forecasting a doubling of trade to $10 billion within the next three years. This optimistic projection stems directly from the FTA's provisions, which entail the elimination of import duties ranging from 2-4 percent on precious jewellery. The removal of these tariffs is expected to make Indian jewellery products considerably more competitive and attractive in the European market by reducing their cost.The European Union, a powerful bloc of 27 nations, is identified as a crucial market, renowned for its discerning and affluent consumers of high-end jewellery. By dismantling existing trade barriers, the FTA is poised to create substantial export opportunities for Indian jewellers, enabling them to expand their reach and capture a larger share of this lucrative market. This development is strategically important for India, which serves as a global leader in diamond cutting and polishing, and a prominent manufacturer of various jewellery types. The GJEPC's outlook highlights the critical role of such trade agreements in stimulating economic growth, fostering job creation, and elevating the global standing of India's skilled craftsmanship and premium jewellery offerings. The agreement is anticipated to cultivate stronger economic relations and mutual benefits between India and the European Union.