India-UK FTA to Elevate Gems and Jewellery Exports

The India-UK Free Trade Agreement will remove import duties on Indian jewellery in the UK, enhancing competitiveness and export potential. Key industry leaders anticipate a significant uplift in exports, particularly benefiting MSMEs and manufacturers, while Customs officials ensure smoother business operations.

India's gems and jewellery industry is set to receive a significant boost as the India-UK Free Trade Agreement (FTA) promises to eliminate import duties on Indian jewellery exports to the UK. This move is expected to enhance the sector's competitiveness and open up substantial export opportunities, according to Santosh Mishra, Customs Commissioner, in a conversation with ANI.

Currently, Indian jewellery exports to the UK face import duties ranging from 2.5% to 4%. These tariffs will be reduced to zero under the new trade pact, offering Indian manufacturers a competitive advantage in the European market. Shaunak Parekh, Vice Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), predicts that this agreement will significantly accelerate export growth over the coming years, with micro, small, and medium enterprises (MSMEs) set to benefit immensely.

Parekh expressed optimism that exports could potentially triple within three years. Furthermore, the industry is actively collaborating with Customs authorities to enhance the ease of doing business. Vishwajeet Chimankar, Deputy Director at the Directorate General of Foreign Trade (DGFT), described the agreement as a landmark deal, poised to provide long-term advantages for the sector by opening up the UK market for Indian exporters.