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
Limelight Lab Grown Diamonds Reports Surge In First Time Buyers, Signaling New Akshaya Tritiya Trend!
Limelight Lab Grown Diamonds, India’s pioneering brand in the lab-grown diamond jewellery segment, reported a strong Akshaya Tritiya performance this year, delivering 3X year-on-year growth, alongside a 200% surge in first-time buyers.
The development underscores a clear shift in consumer behaviour, with lab-grown diamonds increasingly gaining preference over traditional gold purchases during one of India’s most significant jewellery-buying occasions.
Traditionally considered an auspicious occasion for gold purchases, Akshaya Tritiya is now witnessing evolving consumer preferences, with buyers increasingly opting for design-led, value-driven lab-grown diamond jewellery. This year, a significant share of its festive demand came from new customers entering the category, reflecting growing awareness and acceptance.
Pooja Madhavan, Founder & MD, Limelight Lab Grown Diamonds, said:
“We are witnessing a defining shift in consumer behaviour. Akshaya Tritiya has traditionally been synonymous with gold, but today, a new generation of buyers is actively choosing lab-grown diamonds. The surge in first-time buyers this year is a strong indicator that the category is moving firmly into the mainstream.”
With increasing adoption among first-time buyers and new-age consumers, Limelight continues to strengthen its position in India’s fast-growing lab-grown diamond jewellery segment while accelerating its expansion across key markets.
Limelight Lab Grown Diamonds Reports Surge In First Time Buyers, Signaling New Akshaya Tritiya Trend!
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