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
Precious Metals Soar, Oil Plunges On US-Iran Peace Deal
Global Concerns Regarding The Energy Crisis, Inflationary Pressures, and Aggressive Rate Hike Trajectories Have Significantly Eased.
A confirmed peace agreement between the US and Iran has triggered massive waves across global markets, easing energy crisis fears and altering the global economic outlook ahead of major central bank meetings. Driven by strong global bullish sentiment, gold and silver hit massive milestones on the MCX and spot markets: MCX Gold: Up 2% (~Rs 2,300), nearing the Rs 1.54 lakh mark. MCX Silver: Outperforming with a 3% upside (~Rs 6,000), crossing Rs 2.53 lakh. US Spot Gold: Surged over 2.5% to trade above $4,300/oz. Spot Silver: Zoomed over 4% to trade above $70.5/oz.
Oil prices nosedived following President Trump’s announcement that a US blockade on Iranian ports would be lifted, allowing Persian Gulf shipments to resume soon.
- Brent Crude: Dropped 5% to $83/bbl as the Strait of Hormuz prepares to reopen.
- US WTI Crude: Slipped 6% to trade around $80/bbl.
- MCX Crude: Crashed by 5.5%.
- The Accord: The formal treaty to end the conflict (active since late February) is scheduled to be signed in Switzerland on June 19. It includes blockades being lifted, sanctions relief for Iran, and the dismantling of Tehran’s nuclear program.
- Macro Relief: Global concerns regarding the energy crisis, inflationary pressures, and aggressive rate hike trajectories have significantly eased.
- Central Bank Watch:
- US Fed: Holding its first policy meeting under new chair Kevin Warsh this week; rates are widely expected to remain unchanged.
- Bank of Japan: Expected to buck the trend and raise rates to support the Yen.
- Reserve Bank of Australia: Expected to hold policy steady.
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