India-UK FTA To Boost Gems & Jewellery Exports With Zero Duty Access, Industry Sees Stronger Trade & Wider Global Opportunities

New Delhi: The implementation of the India-United Kingdom Free Trade Agreement (FTA) is expected to significantly boost India's gems and jewellery exports by improving market access and eliminating duties on a majority of products, according to industry leaders.

The agreement is expected to make Indian jewellery, diamonds and other precious stone products more competitive in the UK market, creating fresh opportunities for exporters and manufacturers.

Duty Cuts To Improve Competitiveness

India Bullion and Jewellers Association (IBJA) President Prithviraj Kothari said the FTA will reduce the tax burden on jewellery, diamond jewellery, lab-grown diamond jewellery, polished diamonds and other precious stone products exported to the UK.

He said lower duties would make Indian products more affordable for British buyers, leading to higher export volumes and stronger trade between the two countries.

Kothari added that trade agreements benefit both nations by encouraging two-way commerce and expanding business opportunities across sectors.

Industry Sees Major Opportunity

Adil Kotwal, President of the Gems and Jewellery Manufacturer Association, described the India-UK Comprehensive Economic and Trade Agreement as a landmark development for the sector.

He said duties on 99 percent of products covered under the agreement will be eliminated, providing a significant advantage to Indian exporters and enhancing the global competitiveness of the domestic gems and jewellery industry.

Industry participants believe the agreement will particularly benefit exporters operating from manufacturing hubs such as SEEPZ while strengthening India's position in international markets.

India Expanding Global Trade Reach

Kothari noted that India has been actively signing free trade agreements with countries including Australia, while negotiations with several other economies are progressing.

He said the government's policy support for exporters over the past decade has helped strengthen India's manufacturing and export ecosystem, enabling businesses to tap new global markets more effectively.

Markets Remain Watchful

Market expert Sunil Shah said Indian equity markets witnessed a technical rebound on Wednesday after the previous session's decline.

However, he cautioned that elevated crude oil prices, currently around $85-$86 per barrel, remain an important factor that investors will continue to monitor despite easing from earlier highs above USD 112.