loader image
Connect with us

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

Published

on

224 Views

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.”

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

National News

DGSL launches India’s first structured insurance appraisal service for GJ sector

Published

on

1,890 Views

DGSL, one of India’s leading gems and jewellery testing and certification authorities, has announced the launch of specialized Insurance Appraisal Services for gems and jewellery, introducing what it describes as the country’s first structured, standards-driven appraisal service dedicated to insurance documentation.

The initiative seeks to address a long-standing gap in the Indian market, where jewellery insurance documentation has often lacked standardized gemological evaluation and globally aligned valuation methodologies / practices.

With the rising value of fine jewellery collections, heirloom pieces, and investment-grade gemstones, the demand for precise and internationally compliant insurance appraisals has grown significantly. DGSL’s appraisal reports include detailed gemstone identification, grading analysis, market-aligned valuation methodology, high-resolution imaging, and clearly defined value conclusions prepared specifically for insurance coverage purposes.

The reports aim to provide clarity and reliability for clients, insurers, and financial institutions by ensuring accurate replacement value assessments and minimizing ambiguity during insurance claims.

In a parallel development,  Atul Jain, Director at DGSL, has been granted membership in the National Association of Jewelry Appraisers (NAJA), one of the world’s most respected professional organizations dedicated to jewellery appraisal standards, ethics, and professional education.

Jain, a Graduate Gemologist with more than four decades of experience in the jewellery trade, has played a significant role in gemological education, diamond grading, and jewellery authentication in India. His professional expertise spans natural diamonds, coloured gemstones, antique jewellery evaluation, and market advisory.

Atul. Jain said, “The introduction of structured insurance appraisal services marks an important evolution for the Indian jewellery industry. Jewellery today represents not only adornment but also heritage, investment, and emotional legacy. It deserves documentation that meets global standards of accuracy, transparency, and credibility.”

DGSL’s Insurance Appraisal Services will cater to private collectors, high-net-worth individuals, jewellery retailers, estate planners, financial institutions, and insurance providers. Each appraisal follows internationally accepted valuation principles while being adapted to the dynamics of both the Indian and global jewellery markets.

With over two decades of excellence in testing and certification, DGSL has built a reputation grounded in scientific accuracy, ethical practices, and client trust. The addition of Insurance Appraisal Services further strengthens DGSL’s position as a comprehensive authority in gemological certification and valuation.

This initiative sets a new benchmark for professionalism within India’s gems and jewellery sector, ensuring that valuable jewellery assets are not only authenticated but also properly valued and protected.

Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x