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India’s gem, jewellery exports up by 8.26% after CEPA with UAE

The Ministry of Commerce and Industry in New Delhi operationalised the Cepa with the UAE in May 2022. The last quarter of the fiscal year is very crucial as it demands strong growth to achieve this year's target of $45.7 billion

The UAE-India Comprehensive Economic Partnership Agreement (CEPA) helped achieve an increase in India's gem and jewellery exports in this financial year by 8.26 per cent, according to Vipul Shah, chairman of the Gem and Jewellery Export Promotion Council (GJEPC) in India.

"The Ministry of Commerce and Industry in New Delhi operationalised the Cepa with the UAE in May 2022. The last quarter of the fiscal year is very crucial as it demands strong growth to achieve this year's target of $45.7 billion," Shah said at the inauguration of India's first design-centric jewellery show of the calendar year 2023.

India's current fiscal year ends on March 31, making this the last quarter. The India International Jewellery Show and the India Gem and Jewellery Machinery Expo are ongoing in Mumbai now.

Shah said this year, the show has become bigger, better and greener than ever before. India's overall gem and jewellery exports this fiscal year saw a growth of 8.26 per cent compared to last year.

He added that in addition to the UAE-India Cepa, a Free Trade Agreement (FTA) with Australia has been operationalised, noting that "Two more FTAs are expected this year."

Business delegations from the UAE, Bahrain and Saudi Arabia are attending the twin events in Mumbai. The Gem and Jewellery Export Promotion Council, set up by India's Department of Commerce, said this is the first time a Saudi Arabian delegation is attending a GJEPC exhibition. The Saudi delegation has 18 prime buyers.

India's Minister of State for Commerce and Industry, Anupriya Patel, said at the event that the Ministry "has taken several steps such as the implementation of the simplified regulatory framework for gems and jewellery exports through e-commerce, reduction of duties for imports of diamonds, a new gold monetisation policy and hallmarking norms. The government is committed to the promotion of exports." — Wam