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
The Season’s Haute Pick: Rahul Desai Brings Luxury Learning On The Go With Loupe Insight Season 4
As luxury and premium Jewellery become increasingly important growth categories, the industry is also confronting a fundamental question, What does luxury truly mean today?
Is it an expensive product? A beautiful store? Highly personalized attention? Or an experience that customers cannot find elsewhere?
Addressing these questions, jewellery industry mentor, coach, and business strategist Rahul Desai has announced the fourth season of his podcast, Loupe Insight. Titled The New Code of Luxury Jewellery, the season brings focused luxury education to professionals on the go, translating an often abstract subject into practical sessions for the jewellery industry.
Today, the terms premium, luxury and ultra-premium are frequently used interchangeably. At the same time, many experiences positioned as luxury are simply examples of good service. This lack of clarity can influence everything from store design, merchandise selection and pricing to communication and customer engagement.
Through the new season, Rahul aims to help jewellers understand these distinctions and build a more relevant approach to luxury.
Rahul Desai, CEO & MD of IIG, and Founder of RD consultancy Said:

“Luxury is becoming a game changer for jewellery businesses, but the word itself is often misunderstood. A larger store, a more expensive collection or better hospitality does not automatically create a luxury brand. Luxury begins when every element, from the product and environment to the conversation and after-sales relationship, delivers a distinct sense of value”
Across the season, Rahul examines how the meaning of luxury is changing from distant aspiration to greater emotional and lifestyle relevance. The episodes explore subjects such as the difference between premium and luxury, the role of experience in creating perceived value, changing customer expectations, personalization, exclusivity and the new codes influencing modern jewellery retail.
The fourth season of Loupe Insight is supported by Sanghi Jewellers, Finestar Diamonds, Polygon, Jwero.ai and Svar, bringing together respected names from across the jewellery industry to support accessible, future-focused learning for the sector.
The season also challenges the belief that luxury is created only through elaborate interiors, chandeliers or champagne. Instead, it asks jewellers to look more closely at the complete customer journey: how a client is welcomed, how a jewel is introduced, how confidently its value is communicated and how the relationship continues after the purchase.
Designed as short, focused episodes, Loupe Insight makes these conversations accessible to business owners, retailers, manufacturers, designers, sales professionals and students. The “luxury on the go” format allows industry professionals to engage with important business ideas while traveling, working or moving through their day.
Drawing on more than 25 years of experience in jewellery education, retail strategy and industry mentoring, Desai brings together global luxury thinking and the realities of operating within India’s relationship-driven jewellery market.
Loupe Insight Season 4: The New Code of Luxury Jewellery continues the podcast’s larger purpose: helping the industry look beyond products and understand the forces shaping the future of jewellery business.
The new season will be available across Loupe Insight’s digital and podcast platforms.
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