Gem and jewellery sector optimistic about India-UK FTA

Surat: With India's export to the UK projected to grow, the gem and jewellery sector is upbeat about the India-UK free trade agreement. Industry leaders see the possibility of growth in jewellery exports of up to $1 billion from the current $400 million per year. The Gem & Jewellery Export Promotion Council called it a landmark achievement that will significantly deepen and strengthen the economic and cultural ties between the two nations. For India's gem and jewellery sector, this agreement is a game-changer, unlocking potential for growth, investment and employment generation. It comes at a pivotal time when Indian craftsmanship is gaining global recognition and demand for responsibly sourced, well designed jewellery is rising in mature markets such as the UK, GJEPC stated. In 2024, India's exports of gems and jewellery to the UK stood at $941 million, including $400 million in jewellery alone, while imports from the UK reached $2.7 billion, bringing the total bilateral trade in this sector to $3.6 billion. With the implementation of the FTA — especially the relaxation of import duties on jewellery in the UK — India's jewellery exports are projected to rise to $1 billion and total gem and jewellery exports to $2.5 billion over the next two years. Bilateral trade in this sector is expected to double to an impressive $7 billion," said Kirit Bhansali, chairman, GJEPC. GJEPC officials further said that the India-UK FTA is a monumental moment for India's gem and jewellery sector. It not only enhances India's access to one of the world's most valuable markets but also celebrates the spirit of Indian artistry and entrepreneurship. This agreement will spur export growth, attract investment, and most importantly, create thousands of jobs across India's jewellery clusters. The FTA will reduce trade barriers, streamline logistics and ensure that Indian jewellers can serve global consumers with greater agility and competitiveness. It will also foster deeper design collaboration and cultural exchange between Indian and UK jewellers, reinforcing India's position as a global hub of excellence in jewellery manufacturing and design.