India–EU FTA To Supercharge Market Diversification For Indian Jewellery Sector, Says GJEPC

New Delhi, Jan 28 (KNN) The recently signed India–European Union Free Trade Agreement (FTA) is expected to provide a timely boost to India’s gem and jewellery sector, particularly for key export hubs in Gujarat, Rajasthan, Maharashtra, and West Bengal, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.

Market Diversification and Trade Growth

Kirit Bhansali, Chairman of GJEPC, described the pact as the ‘mother of all trade deals’ and said, “The India-EU FTA will supercharge market diversification for the gem and jewellery industry.” The FTA is projected to double bilateral trade with the EU to Rs 91,000 crore within three years, providing zero-duty access to one of the world’s largest consumer markets, reported BL.

Bhansali highlighted that with exports to the United States down 44 per cent, the agreement comes at a crucial time, allowing Indian exporters to regain lost ground. The deal is expected to benefit shipments of precious jewellery (plain and studded), silver, and imitation jewellery, leveraging India’s globally recognized design expertise.

Enhanced Competitiveness and Job Creation

The GJEPC chairman noted that amid rising metal prices and shifting trade dynamics, the FTA will improve profit margins, strengthen design and craftsmanship capabilities, accelerate manufacturing, and generate employment. 

He added that the agreement will also enable Indian jewellery retailers to expand their brands across Europe, building on India’s growing global presence in the sector.

(KNN Bureau)