India eyes Rs. 21,183 crore (US$ 2.5 billion) jewellery exports to UK after FTA

The India-UK Free Trade Agreement (FTA) is poised to significantly boost India's gems and jewellery exports, providing a much-needed impetus when exports to the US and China are declining. According to industry executives, exports to the UK are expected to reach Rs. 21,183 crore (US$ 2.5 billion) within the next two years, marking a more than twofold increase. Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), Mr. Kirit Bhansali, highlighted that the UK remains a pivotal market for India's gem and jewellery sector, with exports reaching Rs. 7,973 crore (US$ 941 million) and imports at Rs. 22,877 crore (US$ 2.7 billion) in 2024. The landmark FTA is expected to double the total bilateral trade in gems and jewellery to Rs. 59,311 crores (US$ 7 billion), opening up new opportunities for growth, investment, and collaboration. He emphasized that this agreement would strengthen trade relations between the two nations, fostering innovation and deeper collaboration with artisan partners.
Chief Executive of UK-based Pure Jewels by Bhanji Gokaldas, Mr. Jayant Ranige, expressed excitement about the agreement, noting that it honours tradition while paving the way for innovation. The UK annually imports jewellery products worth Rs. 25,419 crore (US$ 3 billion) from global markets, and the FTA is expected to bring Indian artistry to the global stage with greater agility. Ranige highlighted that the pact would boost commercial prospects and celebrate the shared legacy and future of Indian and British jewellery craftsmanship. The agreement is a significant step in enhancing bilateral trade, offering new avenues for growth and investment in the gems and jewellery sector.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.