The India–New Zealand Free Trade Agreement, signed recently, is expected to significantly enhance gems and jewellery exports, as projected by industry estimates to increase to $50 million over the next three years. Currently, domestic gem and jewellery exports to New Zealand amount to about $16.61 million, with expectations of tripling this figure under the FTA.
GJEPC Chairman Kirit Bhansali emphasized the strategic importance of such agreements in diversifying India’s export markets and reducing reliance on specific regions like the US or GCC. He highlighted the potential growth to nearly $50 million in exports to New Zealand with the zero-duty access provided by the agreement.
The FTA with New Zealand is viewed as a crucial move following the Australia agreement, aiming to expand India’s market share in various jewellery categories by leveraging advantages over competitors like China and Thailand. Additionally, the agreement is anticipated to create job opportunities in key manufacturing hubs and strengthen retail and investment connections in regions like Gujarat, Maharashtra, Rajasthan, and West Bengal.
Recent Indian investments in New Zealand’s jewellery retail sector signal increasing bilateral engagement, with the FTA set to facilitate both export expansion and long-term economic collaboration between the two countries.
India and New Zealand formally signed the historic FTA, underscoring a new chapter in their economic relations.
