New Delhi, Mar 28 (KNN) With the signing of India-UAE Comprehensive Economic Partnership Agreement (CEPA), India will export gems & jewellery worth more than USD 10 billion to UAE every year, said the Gem & Jewellery Export Promotion Council (GJEPC).

According to the agreement, the import duty on Jewellery exports to UAE from India has been reduced from 5 per cent to 0 per cent.

“The Indo-UAE CEPA will strengthen business ties with one of the biggest buyers of Indian jewellery. With 0 per cent import duty on jewellery, we are expecting jewellery exports to UAE will move to new heights of USD 10 billion annually,” said Colin Shah, Chairman, GJEPC.

The pact which India has signed with UAE is very strategic as it would pave the way for raw material import at competitive price into India and provide free access for finished products to UAE market, Shah added.

Calling it a game changing moment, Shah said that through this partnership India would enable its independent and chain-store retailers to export jewellery directly to UAE-based consumers.

“This will be a game changer for our industry. The CEPA will fast-track India’s goal of reaching $50 billion in exports of gems and jewellery by 2022-23,” he added.

Covid-19 pandemic had massive impact on the Indian gem and jewellery exports to UAE, however CEPA will give a fresh lease of life to bilateral trade relations and solidify existing ties, Shah opined.  (KNN Bureau)