27 Jun 2022
DiamondWorld Directory
-
Home |
News
Home
India-UAE FTA to benefit gems and jewellery sector
FTA is expected to give a boost to India’s gems and jewellery exports on the back of a possible waiver of the 5% import duty on gold, platinum and silver jewellery by the UAE
By: Diamond World News Service
|
Feb 18 2022 9:20PM
|
Reference: 26185  

DecreaseIncrease

Union Commerce and Industry Minister Piyush Goyal said, on Friday, that the Free Trade Agreement (FTA) between India and United Arab Emirates (UAE) would be a ‘gift to the gems and jewellery sector’ as it will expedite growth for the G&J industry for several decades to come.

This will be the first bilateral free trade pact between the two nations.

“Today evening there will be another reason for this (G&J) sector to celebrate. It (the FTA) will be a gift that will ensure an expedited growth of this sector for many decades to come," Goyal said, while inaugurating IIJS Signature 2022 virtually.

India’s gems and jewellery sector is expected to achieve the $ 40 billion export target this fiscal, Goyal added.

The FTA is expected to give a boost to India’s gems and jewellery exports on the back of a possible waiver of the 5% (MFN) import duty on gold, platinum and silver jewellery by the UAE.

The UAE accounts for 80% of India’s plain gold jewellery exports and 20% of studded jewellery exports. According to GJEPC, exports to UAE have witnessed the highest fall of 41.50% between April 2021 and January 2022 on a year-on-year basis. India’s exports of studded gold jewellery declined from $1.04 billion in FY2017 to US$400 million in 2020-2021, which is expected to go back to the average level of $ 800 million if the duty is withdrawn, according to GJEPC.

The overall trade between India and UAE presently stands at $ 43 billion, and the FTA aims to expand it to $ 100 billion in five years, according to official estimates.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 31011
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 8064
GJEPC Chairman Interview
Views: 27227
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 37764
Promo for IJ Awards 2012 at NDTV Profit
Views: 51758
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 65406
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21144
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 49590
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 50971
Member of:
Supporter of: