India gem, jewelry exports up by more than 8 pct after CEPA with UAE

India’s gem and jewelry exports have seen an increase of 8.26 percent in the current financial year, thanks in part to the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, the official Emirates News Agency WAM reported on Monday.

The CEPA was operationalized in May 2022 and has helped boost exports in the crucial last quarter of the fiscal year, which ends on 31st March. According to Vipul Shah, Chairman of the Gem and Jewelry Export Promotion Council (GJEPC) in India, the target for the year is $45.7 billion.

In addition to the CEPA with the UAE, India has also operationalized a Free Trade Agreement (FTA) with Australia, and two more FTAs are expected to be implemented this year.

The GJEPC, established by India’s Department of Commerce, is currently hosting the India International Jewelry Show and the India Gem and Jewelry Machinery Expo in Mumbai. Business delegations from the UAE, Bahrain, and Saudi Arabia are attending the events, with the latter marking the first time a Saudi Arabian delegation has participated in a GJEPC exhibition.

The Indian government has taken several steps to support the gem and jewelry industry, including the implementation of a simplified regulatory framework for exports through e-commerce, reduced duties for the import of diamonds, a new gold monetization policy, and hallmarking norms.

Minister of State for Commerce and Industry, Anupriya Patel, reaffirmed the government’s commitment to promoting exports at the event, stating that his ministry has taken “several steps such as the implementation of the simplified regulatory framework for gems and jewelry exports through e-commerce, reduction of duties for imports of diamonds, a new gold monetization policy and hallmarking norms.”