India's gem & jewellery exports to UK poised to double in 3 years: GJEPC

Mumbai, Oct 9 (IANS) India's gem & jewellery exports to the UK are expected to more than double to $2.5 billion within three years following the India-UK Free Trade Agreement, Gem and Jewellery Export Promotion Council Chairman Kirit Bhansali said on Thursday.

Addressing the CEOs forum at the India-UK meet here, Bhansali said: "This partnership will not only boost trade but also generate over 140,000 new jobs, directly benefiting artisans, manufacturers, and exporters across all key segments."

He said the FTA marks a pivotal moment for the Indian gem and jewellery sector, unlocking immense growth opportunities and reinforcing its global leadership.

The FTA strengthens India’s position as a world leader in diamonds, gold, silver, and lab-grown stones, while enabling deeper market access and collaboration with UK retailers. GJEPC is committed to leveraging this historic agreement to drive innovation, employment, and sustainable growth for the industry and the millions who depend on it, Bhansali added.

With tariff barriers easing and market access expanding, the UK offers significant potential for export growth, design collaboration, and technology-driven value addition. The CETA promises to strengthen this momentum and position India’s gem and jewellery industry for an even more prominent role in shaping the future of India–UK trade relations, according to a GJEPC statement.

The two-day CEOs forum focused on how the CETA, signed in May this year, will reshape bilateral trade by removing tariffs on 99 per cent of Indian exports to the UK and 90 per cent of UK exports to India.