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

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

In report published by the state news agency, WAM, the GJEPC chairman said: ” The last quarter of the fiscal year is very crucial as it demands strong growth to achieve this year’s target of $45.7bn.”

India’s current fiscal year ends on March 31, making the current quarter its last for the fiscal year.

Shah was speaking at the inauguration of India’s first design-centric jewellery show of 2023. Both the India International Jewellery Show and the India Gem and Jewellery Machinery Expo are currently on in Mumbai.

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.

Shah said that the ongoing India International Jewellery Show and the India Gem and Jewellery Machinery Expo have become “bigger, better and greener than ever before”.

He said in addition to the UAE-India CEPA, a free trade agreement (FTA) with Australia had also been operationalised. “Two more FTAs are expected this year,” he noted.

According to the WAM report, 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.”