New Delhi, Apr 28 (BNP): The gems and jewellery industry has welcomed the signing of the Free Trade Agreement (FTA) between India and New Zealand, calling it a major step toward expanding exports and strengthening India’s global position.
The Gem and Jewellery Export Promotion Council (GJEPC) said the agreement will create new opportunities for exporters by providing zero-duty access to the New Zealand market.
Currently, India exports gems and jewellery worth around $16.61 million to New Zealand. With the FTA in place, exports are expected to grow significantly to nearly $50 million over the next three years.
Industry Perspective
Kirit Bhansali, Chairman of GJEPC, said the agreement comes at an important time when global markets are uncertain and businesses are looking to diversify.
He noted that India’s ongoing trade agreements are helping reduce reliance on traditional markets such as the US and the GCC region, while opening doors to newer regions like Oceania.
Key Benefits of the FTA
- Zero-duty access for Indian jewellery exports
- Improved competitiveness against countries like China and Thailand
- Higher export potential, especially in gold, silver, platinum, and fashion jewellery
- Increased investment opportunities in the sector
- Market diversification into Oceania, including Australia and Fiji
Growth Opportunities
New Zealand’s high per capita jewellery consumption makes it a promising market for Indian exporters. The FTA is expected not only to boost trade but also to strengthen long-term economic ties between the two countries.
Industry experts believe this agreement will support sustainable growth, improve market share, and make the sector more resilient in a changing global environment.
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