India-UK FTA To Boost Craftsmanship & Job Creation In Jewellery Sector: GJEPC

New Delhi, May 8 (KNN) The Gem & Jewellery Export Promotion Council (GJEPC) has characterised the recently concluded India-UK Free Trade Agreement as a landmark achievement that will fundamentally strengthen economic and cultural connections between the two nations.

In 2024, India exported gems and jewellery worth USD 941 million to the UK, including USD 400 million specifically in jewellery products. 

Conversely, imports from the UK in this sector reached USD 2.7 billion, bringing total bilateral trade to USD 3.6 billion.

GJEPC Chairman Kirit Bhansali has provided an optimistic outlook, stating that with the implementation of the FTA, particularly the relaxation of import duties, India's total gem and jewellery exports to the UK are expected to reach USD 2.5 billion within the next two years. 

The GJEPC has further emphasised that the agreement represents a transformative development for India's gem and jewellery industry. 

Beyond enhancing market access, the FTA is expected to celebrate Indian craftsmanship while creating thousands of employment opportunities across India's jewellery manufacturing clusters.

The trade agreement is anticipated to deliver multiple operational benefits, including reduced trade barriers and streamlined logistics, enabling Indian jewellers to serve international consumers with improved agility and competitiveness. 

Additionally, the FTA is expected to foster enhanced design collaboration and cultural exchange between jewellery professionals in both countries, further reinforcing India's position as a global center of excellence in jewellery manufacturing and design.

(KNN Bureau)