India & UK Ink ‘Gem of a Partnership’ as FTA Paves Way for $7 Billion Gem & Jewellery Trade Boom
Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Sir Keir Starmer signed the landmark India-UK Free Trade Agreement (FTA) today 24th July 2025 at Chequers, the official country residence of the British Prime Minister. Mr. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was present at the ceremony as part of a special 20-member business delegation led by Hon’ble PM to UK
Trade Transformation
The FTA is set to transform bilateral trade between the two nations, with nearly 99% of Indian exports gaining zero-duty access to the UK market. The pact is expected to significantly boost Indian gem exports across key sectors, especially plain gold and gemstone studded jewellery.
Trade Projections
In 2024, India exported gems and jewellery worth $941 million to the UK, while imports from there stood at $2.7 billion, bringing bilateral trade in the sector to $3.6 billion. Under the FTA, this trade is projected to nearly double, with Indian gem & jewellery exports to the UK set to touch $2.5 billion and bilateral trade in the sector expected to hit $7 billion in two years’ time.
Competitiveness and Jobs
The elimination of import tariffs will enhance the global competitiveness of ‘Made in India’ gems and jewellery, creating fresh opportunities for manufacturers, MSMEs, and crating jobs for skilled artisans across the country.
Chairman’s Statement
Commenting on the landmark agreement, Kirit Bhansali, Chairman, GJEPC said, “It was an immense privilege to witness the historic signing of the India–UK Free Trade Agreement — a transformative milestone under the visionary leadership of Hon’ble PM Shri Narendra Modi. This landmark accord unlocks exciting new opportunities for the gem and jewellery sector. Currently, exports to the UK stand at USD 941 million; with the duty concessions in place, this figure is poised to surge to USD 2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated USD 7 billion.
Trade Collaboration
What is particularly encouraging is that recent FTAs—including this one—are being forged with key consumer markets across diverse sectors. The Gem & Jewellery Export Promotion Council (GJEPC) has proactively collaborated with the Government to ensure that our industry receives the strategic focus and priority it truly deserves.
Book Presentation and Showcase
It was both a matter of pride and honor to be part of the Prime Minister’s Indian business delegation and to present the book, Gem of a Partnership, to Hon’ble PM Shri Narendra Modi and UK PM Sir Keir Starmer. The book highlighted the immense potential of India–UK gem and jewellery trade. Additionally, it was a distinguished honor to showcase the exquisite ‘Indian Crafts Reimagined’ jewelry collection at the UK–India Reception. The collection beautifully represented iconic traditional arts such as filigree, Kashmiri architecture, Meenakari, enamelling, and Warli, embodying our Hon’ble PM’s inspiring ‘Design in India’ vision for the jewellery sector.”
Industry Support Initiatives
GJEPC is actively working to support its members through this evolving trade landscape by hosting awareness sessions, webinars, and seminars led by international trade experts for ensuring that the industry maximises the long-term benefits of this India-UK partnership.
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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