GJEPC welcomes India-UAE CEPA for gem and jewellery industry
The Gem and Jewellery Export Promotion Council has welcomed the Comprehensive Economic Partnership Agreement signed between India and the UAE and expects it to boost gem and jewellery exports.
“On the export front, the CEPA with the UAE will benefit the gems and jewellery industry the most,” said GJEPC chairman Colin Shah in a statement on February 25, the Press Trust of India reported. “With CEPA we are confident to achieve the set target of $52 billion gem and jewellery exports for the next financial year.”
According to the GJEPC, the UAE makes up 80% of India’s plain gold jewellery exports and 20% of its studded jewellery exports. The CEPA will thus have a significant effect on India’s overall jewellery exports.
“Hats off to our honourable Commerce and Industry Minister Shri Piyush Goyal for strengthening the strategic partnership with UAE,” said GJEPC vice chairman Vipul Shah, the GJEPC reported on its website. “As gem and jewellery products are high-value items, any concession on the import duty in the consuming country, gives a huge head-start to our exporters. Jewellery exports to UAE will move to new heights in the near future and take us forward towards creating an Atmanirbhar Bharat for our sector.”
“The FTA will help boost plain gold Jewellery exports to UAE in a big way,” said GJEPC Jewellery Panel Committee convenor K Srinivasan. “I would like to thank the honourable Prime Minister Shri Narendra Modi for creating this opportunity for the gem and jewellery sector.”
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