India-UK FTA: A Game-Changer for the Gems and Jewellery Industry Landmark Free Trade Agreement to Catalyse Exports, Investments & Collaboration
In a historic development set to reshape the global positioning of India’s gems and jewellery sector, the India-UK Free Trade Agreement (FTA) has been successfully concluded. This milestone, hailed by industry leaders and policymakers alike, promises unprecedented benefits across bilateral trade, especially for one of India’s most export-intensive industries—gems and jewellery.
India-UK Bilateral Trade Projections
With the United Kingdom standing as a key destination for Indian exports, valued at USD 941 million in 2024 and imports at USD 2.7 billion, the FTA is expected to double the bilateral trade in gems and jewellery to a projected USD 5 billion within the next few years.
Industry Leaders Applaud the Agreement
Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), commended the visionary leadership that made this agreement possible, stating:
“Heartiest congratulations to Hon’ble Prime Minister Shri Narendra Modi on the successful conclusion of the India-UK Free Trade Agreement – a landmark milestone that will further deepen and strengthen bilateral trade ties. The UK remains a pivotal market for India’s gem and jewellery sector, with exports reaching USD 941 million and imports at USD 2.7 billion in 2024. This landmark FTA is poised to significantly accelerate our export growth, with projections estimating a rise to USD 2.5 billion within the next two years. As a result, total bilateral trade in gems and jewellery is expected to double, reaching USD 5 billion. This agreement will open up fresh opportunities for growth, investment, and collaboration strengthening the trade between the two nations.”
Zero Duty: A Catalyst for Growth
As per the terms of the agreement, import duties on Indian gems and jewellery products—previously as high as 4%—will now be reduced to zero. This gives Indian exporters a major competitive edge in the UK market. Beyond jewellery, the FTA extends zero-duty access to sectors such as minerals, chemicals, leather, textiles, base metals, mechanical machinery, and processed foods—covering nearly 99.7% of all tariff lines.
National Leadership Acknowledged
The industry has credited Hon’ble Prime Minister Shri Narendra Modi for securing this transformative deal, which is expected to usher in a new era of trade, investments, and innovation.
GJEPC also extended heartfelt appreciation to Hon’ble Union Commerce & Industry Minister Shri Piyush Goyal, whose consistent efforts and negotiation leadership were instrumental in sealing this agreement.
A Strategic Advantage for Indian Craftsmanship
“New avenues have opened up for the Indian gem and jewellery industry,” the Council noted.
As the global jewellery landscape becomes more competitive, this FTA places India at a strategic advantage—unlocking access, removing barriers, and ensuring that Indian craftsmanship continues to shine on the world stage.
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