Trade pacts to boost gems and jewellery exports, says GJEPC

Jaipur: Gems and jewellery exports declined 14.55% to $30.09 billion during April-February 2023-24 as compared to $35.21 billion recorded in the same period the previous year. But Gems and Jewellery Exports Promotion Council (GJEPC) banks on favourable foreign trade agreements (FTAs) to reverse the trend.
Vipul Shah, chairman, GJEPC, said, “GJEPC is actively working with the government to facilitate favourable policies in FTAs for the sector.We have already witnessed the positive impact of the India-UAE comprehensive economic partnership agreement (CEPA), and we anticipate similar advantages for the industry in the forthcoming FTAs with GCC, Canada, UK, and EU.”
The council that organizes the International Gem & Jewellery Show (IGJS) in Dubai and Jaipur exclusively for the global audience believes the show is important to boost the exports. During the ongoing show in Jaipur, Nirmal Bardia, GJEPC’s regional chairman said that lab grown diamonds are finding better acceptance among the buyers.
“The lab grown diamonds are 15-20% of the price of natural diamonds but in terms of quality and other parameters, there is hardly anything to differentiate,” said Bardia, adding that there is a target to achieve $7 billion of exports of lab grown diamonds in the next five years which is currently around $1 billion.
The IGJS in Jaipur is hosting 250 international buyers from 27 countries, including Algeria, Argentina, Australia, Brazil, Canada, Egypt, Greece, Iran, Italy, Jordan, the USA, UK, Kenya, Lebanon, Mexico and Russia.