The Gem & Jewellery Export Promotion Council (GJEPC), the apex body driving India’s export-led growth in the gem and jewellery sector, has said that in FY24, the UAE and Bahrain accounted for over 85% of India’s plain gold jewellery exports. The overall exports from India surged by 61.72% to US$ 6792.24 million as compared to US$ 4199.96 million last year.
The emergence of the UAE as a key market with a 107.2% surge in Indian plain gold jewellery exports can be attributed to impactful foreign trade agreements like the India-UAE Comprehensive Economic Partnership Agreement (CEPA). With CEPA, businesses between the UAE and India enjoy new benefits like greater access for exports from the UAE to enter the Indian market by the reduction or removal of tariffs on more than 80% of products.
Headquartered in Mumbai with regional offices across India, GJEPC hopes to implement policies in future trade agreements that would favour exports to key markets such as the GCC, Canada, the U.K. and the European Union. – editor@nrifocus.com
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