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
International Gemological Institute (IGI) Joins Forces with Gujarat Titans
As Official Certification Partner
The International Gemological Institute (IGI) has partnered with the Gujarat Titans (GT) for the current edition of the Indian T20 League. The association is part of IGI’s ongoing effort to strengthen consumer awareness, transparency, and responsible decision-making in the jewelry industry. By leveraging the scale and influence of the Gujarat Titans, IGI aims to make diamond certification more accessible and relevant to a wider audience.
Speaking about the initiative, Tehmasp Printer, Global CEO, IGI, said, “Just as cricket relies on DRS to ensure every decision is accurate and beyond doubt, IGI brings that same standard of independent review to every diamond it certifies. The 4Cs: Cut, Clarity, Carat, and Color, form the foundation of our work, enabling transparency and trust. Gujarat Titans reflect the same discipline, consistency and pursuit of excellence that sit at the core of IGI. Through this partnership, we intend to reach a wider audience and reinforce the importance of informed, confident decision-making in diamond and precious gemstone purchases.”
Speaking on the occasion, Colonel Arvinder Singh, COO, Gujarat Titans, said:
“We are very happy to partner with the International Gemological Institute. Gujarat has always been closely linked with craftsmanship, precision and a strong legacy of excellence, and this association reflects a shared commitment to these values. At Gujarat Titans, we look to collaborate with partners who stand for trust, integrity and consistency in their domain. For Gujarat Titans, this partnership further strengthens our endeavour to align with like-minded organizations as we continue to build a purpose-driven and high-performance ecosystem around the team.”
As an associate partner, IGI’s logo will be visible on the Gujarat Titans uniform throughout the season.
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