Mumbai: Gems and jewellery industry body GJEPC on Thursday said the newly-signed India-Oman free trade pact is expected to boost the sector's exports to USD 150 million over the next three years, driven by improved price competitiveness, expanded product offerings, and deeper industry collaboration. India's gem and jewellery exports to Oman currently stand at USD 35 million (2024).
The India-Oman Comprehensive Economic Partnership Agreement (CEPA) is a key enabler for strengthening direct trade ties and expanding India's gem and jewellery exports to Oman. "Zero duty access will significantly improve competitiveness for Indian exporters and encourage direct sourcing. We see strong growth opportunities for polished diamonds and gold jewellery, along with emerging demand for silver, platinum and imitation jewellery. With this framework, exports to Oman can scale from USD 35 million to around USD 150 million over the next three years," GJEPC chairman Kirit Bhansali said.
India is already Oman's largest supplier of gold jewellery, particularly 22-carat wedding and traditional designs, with exports recording a strong growth of 80.11 per cent in 2024-25, reflecting deep trust in Indian craftsmanship, he stated. With Oman's strategic location and stable business environment, the CEPA also positions the country as a potential gateway for Indian jewellery exports to the GCC, Africa and neighbouring regions, Bhansali added.
All India Gem and Jewellery Domestic Council (GJC) chairman Rajesh Rokde said, as an industry, the India-Oman FTA is a transformative opportunity that will boost exports, deepen market access, and create meaningful jobs along the entire gems and jewellery value chain. "By lowering trade barriers and providing a stable, predictable framework for bilateral commerce, this pact will encourage fresh investment, support the growth of MSME jewellers, and strengthen Indiaâs position as a global jewellery hub," he said.
The industry is confident that a more seamless flow of goods, services and talent between India and Oman will translate into better competitiveness for Indian jewellers and greater choice and value for consumers in both countries, Rokde added. This is the first bilateral agreement that Oman has signed with any country since it signed a deal with the US in 2006.
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