02 Jul 2022
DiamondWorld Directory
-
Home |
News
Home
GJEPC Chairman proposes nil duty on India-UAE Foreign Trade Agreement to boost India’s exports
Colin Shah also predicts a boost of US$ 10 billion in exports if 5% import duty in UAE cancelled
By: Diamond World News Service
|
Feb 16 2022 2:12PM
|
Reference: 26181  

DecreaseIncrease
Colin Shah, Chairman, GJEPC
Colin Shah, Chairman, GJEPC

The Gems and Jewellery Export Promotion Council (GJEPC), as the apex body of trade in India, is expecting that the imminent Foreign Trade Agreement (FTA) with UAE would help the industry to take a bigger leap in exports of plain gold and gold studded jewellery which was hit badly during the pandemic.

For the FTA with UAE, GJEPC has recommended to the Government to seek abolition of import duty of 5% (MFN) in UAE on the exports of gold, silver, and platinum jewellery from India.

Colin Shah, Chairman, GJEPC, said, “UAE accounts for 80% of India’s plain gold jewellery exports and 20% of studded jewellery exports. The FTA between India and UAE has come at an opportune time when both countries are looking to rebound from the Covid-19 setback and recalibrate and realign their common business interests, including gold and diamonds. UAE is a gateway to the entire Middle East region and the proposed abolition of 5% import duty in UAE would lead to increased prosperity on both sides of the Arabian Sea.

“The FTA will provide impetus and much needed push to exports of gem and jewellery products to the Emirates as the gem and jewellery exports to UAE declined significantly to US$ 1.18 billion in 2020-2021 due to the Covid-19 pandemic. With proposed nil duty, we are confident that exports of plain gold jewellery and gold studded jewellery from India to UAE would boost to US$ 10 billion (INR 74000 Crores) in 2023.”

For India, UAE is one of major export destinations for studded gold jewellery. In the last few years, exports of studded gold jewellery declined from US$1.04 billion in FY2017 to US$400 million in 2020-2021. GJEPC is hopeful that studded gold jewellery exports from India to UAE could revert to its earlier average level of US$ 800 million if the duty is withdrawn.

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: 31060
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 8228
GJEPC Chairman Interview
Views: 27271
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 37838
Promo for IJ Awards 2012 at NDTV Profit
Views: 51790
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 65523
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21167
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 49626
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 51033
Member of:
Supporter of: