Jaipur, India’s renowned hub for colored gemstones and handcrafted jewelry, celebrated a significant milestone by sending its first jewelry export shipment to the UK under the India-UK Comprehensive Economic and Trade Agreement. The inaugural $10 million consignment includes gold, diamond, silver, and platinum jewelry, with leading exporters participating in this historic event. The agreement provides zero-duty access to the UK market, eliminating import tariffs of up to 4%, which is expected to boost India’s jewelry exports and enhance competitiveness in the UK market.
The India-UK CETA is set to revolutionize India’s gem and jewelry industry by facilitating smoother trade and promoting growth in exports, investment, and employment opportunities. Commissioner of Customs R.K. Chandan emphasized the significance of this milestone, highlighting the commitment to efficient trade facilitation and congratulating the exporters involved in this landmark shipment. GJEPC Chairman Kirit Bhansali hailed this event as a pivotal moment for the industry, expressing gratitude to the government for their support and visionary leadership in finalizing the agreement.
The agreement is anticipated to give Indian exporters a competitive advantage by removing import duties, leading to a projected growth in gem and jewelry exports to the UK. With expectations of exports reaching nearly US$2.5 billion in the next three years, the industry foresees new avenues for growth and development, benefiting various stakeholders including exporters, manufacturers, MSMEs, artisans, and designers. Rajasthan’s gem and jewelry sector, known for its exceptional craftsmanship, is poised to capitalize on the opportunities presented by the India-UK Free Trade Agreement.
Yogendra Garg, Regional Chairman (Rajasthan) of GJEPC, highlighted Jaipur’s global recognition for its craftsmanship and expertise in colored gemstones and handcrafted jewelry. The agreement is seen as a gateway for Rajasthan’s vibrant gem and jewelry industry to expand its reach in the discerning UK market, leveraging zero-duty access to enhance export potential. The India-UK CETA is expected to bring substantial benefits to Rajasthan’s gem and jewelry sector, fostering market access, employment generation, and skill development, while positioning Jaipur as a key beneficiary of the trade pact.
