New Delhi, Jan 28: The India–European Union Free Trade Agreement signed under the leadership of Prime Minister Narendra Modi marks a major milestone for India’s gems and jewellery export sector and is expected to significantly strengthen the industry’s presence in European markets, an industry leader said on Wednesday.
Industry welcomes agreement
Speaking to IANS, ACPL Exports SEZ Director Rohit Gupta said the agreement will give Indian gems and jewellery exporters greater confidence and competitiveness in Europe, opening up fresh opportunities for growth at a time when global trade conditions remain challenging.
He described the deal as both timely and critical, adding that it has the potential to be a game changer for India as well as the European Union.
Jobs and exports to get boost
“The trade pact is likely to create new employment opportunities while boosting exports,” Gupta mentioned.
“Increased demand from Europe would directly support artisans and skilled workers across the value chain,” he stated.
Gupta further highlighted the labour-intensive nature of the jewellery industry, especially in the handmade segment.
Europe offers vast market potential
Gupta pointed out that the European Union’s combined market of 27 countries offers vast potential for Indian manufacturers.
“Countries such as Poland, Romania and the Czech Republic were traditionally known for jewellery manufacturing, but India now has a strong opportunity to emerge as a preferred manufacturing hub due to its cost-effective labour, high levels of creativity and strong craftsmanship,” Gupta told IANS.
He added that cities like Jaipur are already globally recognised for gem cutting and jewellery manufacturing.
Duty-free access could aid competitiveness
“If Indian exporters gain duty-free access to components from Europe and carry out value addition domestically, it could significantly improve India’s competitiveness in high-value European markets such as Italy, France, Germany, Sweden, Finland and Denmark,” he stated.
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Gupta said the India–EU trade agreement can help reposition India as a key global player in the gems and jewellery sector, driving long-term export growth and reinforcing the country’s manufacturing capabilities.
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