India-UAE FTA likely to help gem and jewellery industry increase exports to Gulf country
- IBEF
- February 17, 2022
The India-UAE Free Trade Agreement (FTA), which is scheduled to be signed soon, will aid the gem and jewellery industry in increasing exports of plain gold and gold studded jewellery to the UAE. The overall gross exports of gems and jewellery in January totalled Rs 24426 crore (US$ 3.25 billion), up 18.24% from the previous month.
Mr. Colin Shah, chairman, Gem & Jewellery Export Promotion Council (GJEPC) said that UAE is the gateway for gem and jewellery in the middle east region, UAE accounts for 80% of India’s plain gold jewellery and 20% of studded jewellery exports. He suggested that India should remove the 5% import duty on gold jewellery this will boost India’s exports to UAE and are estimated to be US$ 10 billion by 2023.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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