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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

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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.”

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This Raksha Bandhan, Turn A Timeless Bond Into A Keepsake With Palmonas

Turning A Timeless Tradition Into A Keepsake Of Sibling Love

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Raksha Bandhan has always been about more than a thread tied around a brother’s wrist. It is a celebration of a bond built over years, from childhood arguments and inside jokes to being each other’s constant through life’s biggest moments. As siblings grow older, the relationship may evolve, but the feeling behind it only becomes stronger.

This Raksha Bandhan, Palmonas brings a contemporary touch to the traditional ritual with its Rakhi collection, designed to celebrate the sibling bond in a way that can be cherished beyond the festival. Palmonas’ Rakhis bring this thought to life by transforming a familiar festive symbol into a keepsake that can be worn and treasured even after Raksha Bandhan. The collection features two distinct options, each offering a different take on the timeless ritual.

The Demi-fine® Rakhi is crafted from Stainless Steel with an 18K gold-tone finish, bringing together contemporary design and meaningful symbolism. The collection features the Harmony Mandala Rakhi, accented with 9 cubic zirconia stones, which symbolizes harmony and balance. Inspired by the mandala, its intricate design reflects the togetherness shared between siblings. The Eternal Tree of Life Rakhi draws inspiration from the symbol of the Tree of Life, representing prosperity, growth and strength. The Guiding Star Rakhi, embellished with 10+ cubic zirconia stones, symbolizes guidance, hope, and protection, reflecting the special bond between siblings and the promise of always being there for one another. Each design is finished with a comfortable knotted thread, bringing together thoughtful symbolism and contemporary craftsmanship.

For those looking for something more timeless, the Silver Rakhi collection is crafted from fine silver, offering a refined take on the traditional Rakhi. The Eternal Infinity BRO Fine Silver Rakhi, designed for brothers, features two white cubic zirconia stones and symbolizes the strength and lifelong bond between siblings. The Eternal Evil Eye Fine Silver Rakhi features the iconic Evil Eye motif, a classic symbol of protection and good fortune, thoughtfully designed to celebrate the unbreakable bond between siblings.

At its heart, Raksha Bandhan is about showing up for each other. The gifts may change with time, but the emotion remains the same. With its Rakhi collection, Palmonas celebrates this evolving expression of sibling love, giving a familiar tradition a modern, wearable form that can become a lasting reminder of the bond between brothers and sisters.

Because some bonds deserve more than a moment, they deserve a keepsake.

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