The Gems and Jewellery Export Promotion Council (GJEPC) on Thursday (March 14) said the free trade agreement between India and the European Free Trade Association's (EFTA) will triple gem and jewellery exports.
Vipul Shah, Chairman of GJEPC, said, "I am sure that exports of gem and jewellery products to EFTA group will scale up from $335 million to at least US$1 billion in the coming times."
This comes after the EFTA countries have removed customs duties on the entire Chapter 71 (gem and jewellery
Shah said the $100-billion bilateral trade pact has opened up immense opportunities for Indian gem and jewellery manufacturers to broaden their export prospects in the EFTA region. It will also pave the way for new and larger FTAs with many other European countries.
"I believe there is a huge scope for exporting fine gold jewellery and silver jewellery with high gloss and matte finishes, as well as luxurious diamond and coloured gemstone jewellery," he noted.
GJEPC had closely worked with the Ministry of Commerce and Industry during the negotiations of this momentous agreement with the EFTA group.
EFTA's total imports of finished gem & jewellery products are at $12.3 billion, and from India its imports are merely at $335 million (India’s share is 2.7% in EFTA's total imports of G&J from the world) — leaving a vast scope for Indian manufacturers and exporters to enhance its exports to the untapped EFTA markets.
