The Gem & Jewellery Export Promotion Council (GJEPC) welcomes the elimination of import duties on Indian gem and jewellery products under the India-EU Free Trade Agreement (FTA). This removes 2-4% duties on precious jewellery, unleashing huge export potential with the 27-member EU bloc—home to the world’s elite buyers.
India’s gem and jewellery exports accounted for USD 30 billion in CY 2024. Bilateral trade with the EU reached USD 5.2 billion, with exports at USD 2.7 billion (8.92% of total) and imports at USD 2.5 billion. EU jewellery imports from India remain limited at USD 628 million, of which USD 573 million is precious jewellery and USD 55 million is fashion (imitation) jewellery—these currently attract 2-4% duties— leaving the market dominated by non-FTA competitors.
Kirit Bhansali, Chairman, GJEPC thanked Hon’ble Prime Minister Shri Narendra Modi and Commerce & Industry Minister Shri Piyush Goyal for securing the India-EU FTA, the ‘mother of all trade deals’.
The India-EU FTA will supercharge market diversification for the gem and jewellery industry. This transformative pact aims to double bilateral trade to USD 10 billion (~Rs. 91,000 crore) within three years. Zero-duty access to the world’s largest consumer market empowers export hubs in Gujarat, Rajasthan, Maharashtra, and West Bengal to ramp up shipments of precious jewellery (plain and studded), silver, and imitation jewellery—capitalizing on India’s renowned design prowess. Especially with exports to the USA down by 44%, this timely pact will help Indian exporters salvage lost ground.
Amid soaring metal prices and evolving trade dynamics, the deal enhances margins, sharpens our competitive edge in design and craftsmanship, accelerates manufacturing, and generates jobs. For Indian jewellery retailers, it opens doors to expand brands across Europe, building on their rising global footprint.”
Zero-duty access opens doors across segments, leveraging India’s edge in lightweight/minimalist gold, machine-made, studded, silver, coloured gemstone, and fashion jewellery. This will boost exports, improve competitiveness, create jobs, and significantly improve bilateral trade in the long run.