The India–Oman Comprehensive Economic Partnership Agreement (CEPA), which abolishes customs duty on imports of gems and jewellery in Oman from India, is expected to significantly boost India’s exports to Oman and strengthen direct trade linkages between the two countries, according to the Gem & Jewellery Export Promotion Council (GJEPC).
Current Export Projections and CEPA Impact
India’s gem and jewellery exports to Oman currently stand at USD 35 million (2024). With duty-free access under the CEPA, GJEPC estimates exports could rise to USD 150 million over the next three years, driven by improved price competitiveness, expanded product offerings, and deeper industry collaboration.
Industry Leadership Perspective
Kirit Bhansali, Chairman, GJEPC, said, “The India–Oman CEPA is a key enabler for strengthening direct trade ties and expanding India’s gem and jewellery exports to Oman. Zero duty access will significantly improve competitiveness for Indian exporters and encourage direct sourcing. We see strong growth opportunities for polished diamonds and gold jewellery, along with emerging demand for silver, platinum and imitation jewellery. With this framework, exports to Oman can scale from USD 35 million to around USD 150 million over the next three years.”
India’s Dominance in Gold Jewellery Supply
India is already Oman’s largest supplier of gold jewellery, particularly 22-carat wedding and traditional designs, with exports recording a strong growth of 80.11% in 2024–25, reflecting deep trust in Indian craftsmanship.
Collaboration and Manufacturing Growth
The CEPA is also expected to support Make in India by encouraging manufacturing, design collaboration, and investment partnerships. Oman’s strengths in traditional silver jewellery, combined with India’s scale, technology, and skilled workforce, present opportunities for joint product development and value-added manufacturing.
Strategic Regional Gateway
With Oman’s strategic location and stable business environment, the CEPA also positions the country as a potential gateway for Indian jewellery exports to the GCC, Africa and neighbouring regions, enhancing trade efficiency and regional market access.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10700+ members in the sector.
With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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