With The India-Australia Ecta: The Gems And Jewellery Trade Expected To Skyrocket To $2 Billion

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The India-Australia Economic Cooperation & Trade Agreement (ECTA) is predicted to dramatically increase bilateral gem and jewellery trade from its current USD 1.3 billion to a staggering USD 2 billion.

As stated by Gem and Jewellery Export Promotion Council (GJEPC). This remarkable agreement has already provided significant benefits for both countries in terms of increased business opportunities and revenue growth.

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 USD 1.3 billion to USD 2 billion, “Vipul Shah, Chairman of GJEPC, expressed his sentiments.

He proudly remarked that the Central government had achieved astounding success in promoting gem and jewellery trade during and after the pandemic with India’s Comprehensive Economic Partnership Agreement (CEPA) with UAE to enhance gems & jewellery exports. 

Their efforts have recently been rewarded by the Australia-approved India-Australia Economic Cooperation; Trade Agreement (ECTA). The newly minted India-Australia trade agreement is expected to generate millions of dollars in additional commerce due to the preferential terms provided for Indian gem and jewellery exports into Australia.

The India-Australia bilateral trade in gem and jewellery commodities reached an impressive USD 1.3 billion for the 2021-22 financial year. Plain gold jewellery, studded jewellery, and cut &; polished diamonds are among the critical products exported to Australia, whereas precious metals – gold and silver bars – constitute a significant portion of imports from Australia.

Since the India-Australia negotiations started, India’s gem and jewellery exports have witnessed positive growth, complementing the upcoming India-Australia ECTA. India’s G&J exports to Australia grew 21% to 183.86 million during April – October 2022 compared to last year’s period. We expect Australia to benefit from access to areas where India is a world leader, such as diamonds,” commented Shah.

Australia is one of our large suppliers of gold bullion, and until recently, it was also a key supplier of diamonds,” the GJEPC chairman.

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