India-EFTA Trade Agreement To Boost Gems & Jewellery Exports

New Delhi, Mar 15 (KNN) In a recent announcement, Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), unveiled the promising future of India's gems and jewellery sector following the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA).

According to Shah, this agreement is poised to revolutionise the export landscape, particularly to EFTA member countries comprising Switzerland, Iceland, Norway, and Liechtenstein.

The current export figures stand at USD 335 million, but with the implementation of TEPA, Shah anticipates a remarkable threefold increase, projecting exports to soar to USD 1 billion in the near future.

Speaking optimistically about the potential, Shah emphasised the vast opportunities for Indian exporters in the realm of fine gold, silver, diamond, and coloured gemstone jewellery.

One of the significant provisions of the TEPA pact is the elimination of customs duties on chapter 71 products, encompassing gems and jewellery.

This move grants Indian exporters duty-free access to all EFTA nations, thereby enhancing competitiveness and facilitating smoother trade operations across borders.

Moreover, the agreement includes reciprocal benefits, such as duty-free imports of gems and jewellery from EFTA nations into India.

Additionally, it outlines reductions in customs duties on various categories of products, including cut and polished diamonds, lab-grown diamonds, and coloured gemstones.

Notably, the duty on precious metal gold imports from EFTA nations is set to decrease by 1 per cent, further incentivising trade and fostering bilateral economic growth.

The TEPA between India and EFTA symbolises a strategic milestone in international trade relations, unlocking new avenues for collaboration and prosperity.

With enhanced market access and favourable trade conditions, the gems and jewellery sector is primed to flourish, contributing significantly to India's export revenue and global market presence.

(KNN Bureau)