GJEPC calls EFTA agreement a $1 billion opportunity for jewellery exporters

The Gem and Jewellery Export Promotion Council is confident that the Trade and Economic Partnership Agreement between India and the European Free Trade Association will be a boon to jewellers and create a $1 billion export opportunity. 

“I am sure that exports of gem and jewellery products to the EFTA group will scale up from $335 million to at least $1 billion in the coming times,” said the GJEPC’s chairman Vipul Shah, ET Bureau reported. “I believe there is a huge scope for exporting fine gold jewellery and silver jewellery with high gloss and matte finishes, as well as luxurious diamond and coloured gemstone jewellery.”
 
The GJEPC sees significant opportunities to increase exports to EFTA countries Iceland, Norway, Switzerland, and Liechtenstein in the near future. With strong economies, the territories are promising markets to tap into. 

Under the Trade and Economic Partnership Agreement, EFTA countries have taken away customs duties on ‘chapter 71’ which refers to gem and jewellery products. This means that Indian jewellery exporters can send their goods to Iceland, Norway, Switzerland, and Liechtenstein for a much more favourable rate. 
 
The trade agreement has also proposed offering a reduction to customs duty on importing cut and polished diamonds, lab-grown diamonds, and coloured gemstones from 5% to 2.5%, the Economic Times reported. Gem and jewellery products from EFTA countries could also be imported to India in a duty-free manner.