National News
CEPA completes 3 years; powering India-UAE trade and economic ties
Bilateral gem and jewellery trade surged from US$ 20.88 billion in FY2022 to US$ 28.15 billion in FY2024, reflecting a robust 35% increase
The *Comprehensive Economic Partnership Agreement (CEPA)* between *India and the UAE*, formalised on 18th February 2022, has profoundly strengthened economic ties between the two nations. As we commemorate its third anniversary, it is evident that CEPA has significantly enhanced trade opportunities, particularly for India’s gem and jewellery industry.
Since CEPA’s implementation, trade between India and the UAE has witnessed remarkable growth. The bilateral gem and jewellery trade surged from US$ 20.88 billion in FY2022 to US$ 28.15 billion in FY2024, reflecting a robust 35% increase. India’s gem and jewellery exports to the UAE also soared by over 60%, from US$ 4.95 billion in FY2022 to US$ 8.04 billion in FY2024.
Notably, UAE’s share in India’s total exports rose from 13% in FY2022 to 25% in FY2024, overtaking Hong Kong as India’s second-largest export market. This underscores the transformative impact of CEPA on India’s trade dynamics.
One of the most significant benefits of CEPA has been the duty-free access for all gem and jewellery products, including gold, silver, and platinum jewellery, along with polished diamonds and gemstones.This development has motivated Indian exporters to increase their supply of various gem and jewellery items to the UAE, capitalising on the enhanced market access provided by the agreement.
This policy shift has led to substantial growth in key export categories:
Plain Gold Jewellery: Exports surged by 127.62%, reaching US$ 4,240 million in FY2024.
Studded Gold Jewellery: Increased by over 50%, from US$ 917 million in FY2022 to US$ 1,382 million in FY2024.
Worked Lab-Grown Diamonds: Witnessed a 58.16% growth, reaching US$ 172 million in FY2024.
Platinum Jewellery: Recorded a staggering 820.87% increase, reaching US$ 23 million.
Coloured Gemstones: Grew by 17.19% to US$ 9.34 million
*Kirit Bhansali*, Chairman, GJEPC, said, “The India-UAE CEPA has propelled our gem and jewellery exports to new heights, growing by over 60% from US$ 4.95 billion in FY2022 to US$ 8.04 billion in FY2024. The UAE now accounts for nearly a quarter of India’s total gem and jewellery exports, surpassing Hong Kong. The duty-free advantage has unlocked immense opportunities, particularly in plain gold jewellery, which saw a 127% surge. As we celebrate three years of CEPA, we remain committed to strengthening this vital partnership and exploring new avenues for growth.”
National News
One Year Of Brilliance: Sonani Jewels Marks Its First Store Anniversary, Carrying Forward The Legacy Of Sonani Industries
India’s Leading Jewellery House, Carrying Forward The Rich Legacy Of Sonani Industries, Brings Together Bridal and Festive Jewellery, Talented Actor Shiv Khajuria and Bollywood Stylist Kavita Kharayat As It Enters Its Second Year Of Growth and Nationwide Expansion.
Sonani Jewels celebrated its first anniversary with a grand fashion showcase featuring its bridal and festive jewellery collections, bringing together fashion, celebrity style and the evolving world of lab-grown diamonds. The celebration featured talented actor Shivam Khajuria and an exclusive styling session by Bollywood stylist Kavita Kharayat.
At the heart of the showcase was the evolving bridal jewellery narrative, with Sonani Jewels highlighting lab-grown diamond wedding jewellery as a contemporary choice for today’s modern bride. The presentation brought together statement bridal and festive pieces, showcasing how lab-grown diamonds can complement both traditional celebrations and contemporary personal style.
Commenting on the milestone, Agastya Sonani, Director, Sonani Jewels, said:
“Our first year has been an important journey of building the brand, expanding our portfolio and understanding the evolving preferences of today’s jewellery consumer. We have seen growing interest in lab-grown diamonds, particularly among modern brides. At Sonani Jewels, we aim to be a one-stop destination for every jewellery need, offering everything from elegant daily-wear pieces and festive collections to exquisite bridal jewellery, all under one roof.
As we enter our second year, our focus is on strengthening our presence across India, taking our jewellery to a wider audience and building on the trust and legacy that has shaped the Sonani name.”
The Talented Actor Shivam Khajuria said:
“It was a pleasure to be part of Sonani Jewels’ first anniversary celebration. The showcase brought together fashion, styling and jewellery in a very contemporary way. It was exciting to see how lab-grown diamond jewellery can be styled across bridal and festive looks while retaining the sense of occasion that makes jewellery so special.”
The first year has also seen Sonani Jewels expand its portfolio with the 9toFine Collection, featuring diamonds crafted with 9KT gold; the Acqua Collection, distinguished by an exquisite signature-cut diamond jewellery design available exclusively at the Sonani Jewels store; and a dedicated Men’s Collection featuring rings, bracelets and pendants. The brand has further strengthened its presence in the lab-grown diamond jewellery category beyond Surat through multiple brand campaigns and has been recognised as the World’s Largest Lab-Grown Diamond Jewellery Showroom.
With a year of growth behind it, Sonani Jewels enters its next chapter with a clear focus on expanding its presence across India and shaping the future of contemporary jewellery through lab-grown diamonds. As the brand prepares to roll out its nationwide franchising programme, it continues to build on its diverse offering spanning everyday elegance, festive celebrations and bridal occasions. Customers can discover the collections through personalised store appointments and jewellery consultations.
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