India - Australia ECTA negotiations boosted jewellery trade, significant growth predicted in FY23 following ratification
Even as negotiations began for the India - Australia Economic Cooperation & Trade Agreement, jewellery trade between the two nations increased, the Gem and Jewellery Export Promotion Council reported on its website. The traders’ body is confident that Indian jewellery exports to Australia will increase from $1.3 billion at present to $2 billion by the end of the 2023 financial year thanks to the newly ratified trade deal.
“Since the India-Australia negotiations started, India’s gem and jewellery exports have witnessed positive growth, complementing the upcoming India-Australia ECTA,” said GJEPC chairman Vipul Shah, the GJEPC reported. “India’s gem and jewellery exports to Australia grew 21% to $183.86 million during April – October 2022 as compared to the same period last year.”
The ECTA will award Indian jewellery exporters preferential access to Australia, according to the GJEPC. The main jewellery exports from India to Australia are plain gold jewellery, studded jewellery, and cut and polished diamonds and the main commodities imported from Australia into India are gold and silver bars.
“We expect Australia to benefit from access to areas where India is a world leader, such as diamonds,” said Shah. “By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers. We expect the agreement to boost bilateral gem and jewellery trade from $1.3 billion at present to $2 billion.”
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