India-Australia ECTA to boost gem and jewellery exports: GJEPC
The new India-Australia Economic Cooperation and Trade Agreement will give Indian gem and jewellery exports preferential access to the country, according to the Gem and Jewellery Export Promotion Council.
The GJEPC expects bilateral gem and jewellery trade between India and Australia to increase to $1.5 billion thanks to the new ECTA, the traders’ body announced on its website. The GJEPC also expects Indian gem and jewellery exports to Australia to double in the coming three years, as Indian gem and jewellery businesses will gain a competitive edge over other suppliers to Australia.
“The historic India-Australia trade agreement is expected to unlock millions of dollars of additional trade due to the preferential access accorded towards India’s gem and jewellery exports to the island nation,” said GJEPC chairman Colin Shah, the GJEPC reported. “While India-UAE CEPA will build inroads for plain gold jewellery to the Middle East, and ECTA with Australia would provide preferential advantage for the studded jewellery sector.”
Bilateral trade between India and Australia currently totals $950 million for gem and jewellery commodities. Categories with high volumes of exports to Australia include plain and studded gold jewellery and polished diamonds.
“Australia is one of our large suppliers of gold and silver bullion, and until recently, it was also a key supplier of diamonds,” said Shah. “We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. 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 $950 million at present to $1.5 billion.”
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