Mumbai, Oct 9 India's gem & jewellery exports to the UK are expected to more than double to $2.5 billion within three years following the India-UK Free Trade Agreement, Gem and Jewellery Export Promotion Council Chairman Kirit Bhansali said on Thursday.
Addressing the CEOs forum at the India-UK meet here, Bhansali said: "This partnership will not only boost trade but also generate over 140,000 new jobs, directly benefiting artisans, manufacturers, and exporters across all key segments."
He said the FTA marks a pivotal moment for the Indian gem and jewellery sector, unlocking immense growth opportunities and reinforcing its global leadership.
The FTA strengthens India’s position as a world leader in diamonds, gold, silver, and lab-grown stones, while enabling deeper market access and collaboration with UK retailers. GJEPC is committed to leveraging this historic agreement to drive innovation, employment, and sustainable growth for the industry and the millions who depend on it, Bhansali added.
With tariff barriers easing and market access expanding, the UK offers significant potential for export growth, design collaboration, and technology-driven value addition. The CETA promises to strengthen this momentum and position India’s gem and jewellery industry for an even more prominent role in shaping the future of India–UK trade relations, according to a GJEPC statement.
The two-day CEOs forum focused on how the CETA, signed in May this year, will reshape bilateral trade by removing tariffs on 99 per cent of Indian exports to the UK and 90 per cent of UK exports to India.
The forum was co-chaired by Bharti Enterprises founder and Chairman Sunil Bharti Mittal and Standard Chartered Group Chief Executive Bill Winters, with senior government officials, including Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Amardeep Singh Bhatia, who addressed participants at the opening session.
Meanwhile, the UK India Business Council (UKIBC) also hailed the successful conclusion of UK Prime Minister Keir Starmer’s visit to India, which saw major new announcements, including 1.3 billion pounds in new Indian investments into the UK and agreements to expand British university campuses in India.
The UKIBC also highlighted other big announcements in the joint statement of the two Prime Ministers, which include the establishment of the India-UK Connectivity and Innovation Centre and the setting up of the India-UK Joint Centre for AI, along with enhanced cooperation on AI, clean energy, and advanced manufacturing, and new connectivity links between the two countries.
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