India’s just-signed two “significant” Free Trade Agreements (FTAs) with UAE and Australia have resulted in strong double-digit growth in exports to these countries, said Union Minister of State for Commerce and Industry Anupriya Patel.
She was inaugurating the 5-day India International Jewellery Show (IIJS Signature) organised by the Gem and Jewellery Export Promotion Council (GJEPC) on Thursday. Ms. Patel said talks were going on with Canada, EU and the U.K., and Union Minister Piyush Goyal had promised to operationalise two more FTAs this year. “IIJS Signature has always had a rich legacy and this ‘green’ expo edition is special as it has special booths for women entrepreneurs and showcased products of budding jewellery designers,” she said. “Efforts made by GJEPC to make the 5-day IIJS Signature has given an opportunity to indigenous jewellers from diverse parts of the country to showcase their versatile collections to international buyers from over 50 countries,” she said. “With $40 billion worth of exports, the gems & jewellery sector is a prominent contributor to growing Indian exports year on year,” she added. Ms. Patel said that the Ministry had taken several steps such as implementation of simplified regulatory framework for gem & jewellery exports through e-commerce, reduction of duties for imports of diamonds, a new gold monetisation policy, and hallmarking norms. “The government is committed to promoting gem & jewellery exports,” she said. GJEPC is organising the IIJS Signature and India Gem & Jewellery Machinery Expo (IGJME) at the Bombay Exhibition Centre, Mumbai, from Jan. 5 to 9. This year, IIJS Signature has record number of 800 foreign visitors from 600 companies from 50 countries. Delegations have come from 10 countries: U.S., Canada, United Kingdom, Malaysia, Sri Lanka, Iran, Bangladesh, Nepal, UAE, Bahrain and Russia. For the first time, a delegation has come from Saudi Arabia with 18 prime buyers. Vipul Shah, Chairman, GJEPC said, “This year, the show has become bigger, better and greener than ever before. India’s overall gem and jewellery exports in this year saw a growth of 8.26% as compared to last year.” “The last quarter of this fiscal year is very crucial as it demands a strong growth to achieve this year’s target of $45.7 billion. Post the operationalisation of India-UAE CEPA, the gem & jewellery industry witnessed around 25% growth in exports to UAE. And now with India-Australia ECTA, we will witness similar growth in exports to Australia in the coming months. We also look forward to the FTAs with U.K. and Canada,” he added.
