New Delhi, Jan 20 (KNN) According to a report by the World Gold Council (WGC), India’s largest export market for gold jewellery is now the United States (US) owing to the additional tariffs on Chinese jewellery to the US, giving Indian exporters an edge.

Secondly, the UAE’s implementation of a 5 per cent import duty in 2017 and 5 per cent Value Added Tax (VAT) in 2018 have negatively impacted its competitiveness, said the report.

About 90 per cent of Indian goods sent to the UAE will be given duty-free access under the Comprehensive Economic Partnership Agreement (CEPA), introduced in May 2022.

This has substantially increased India’s gold jewellery exports as goods sold in the UAE are re-exported, and WGC anticipates that it will continue to do so.

Jewellery exports are likely to rise with the Indian government seeking to boost manufacturing and exports.

Also, proposals to allow advance payments to overseas precious metal suppliers and set up mega common facility centres (CFCs) in the Santacruz Electronics Export Processing Zones (SEEPZ) in Mumbai and Surat could stimulate sector growth if implemented, said WGC.  (KNN Bureau)