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
Foreign exchange reserves declined by $11.413 billion to $698.346 billion
Forex drop due to a sharp fall in gold reserves:RBI
As of March 28, 2026, the Reserve Bank of India’s latest data reveals a brutal $30.14 billion evaporation in forex reserves over just three weeks. The headline-grabber? A staggering $13.49 billion collapse in gold reserves in a single week.
While the official line points to “valuation effects,” the underlying reality is a cocktail of geopolitical warfare, a bleeding Rupee, and an RBI backed into a corner.
For years, gold was the “safe haven.” In March 2026, it became a weight. The drop to $117.19 billion wasn’t because the RBI sold the family silver—it’s because the global gold market just endured its worst weekly rout in four decades.
- The Paper Flush: As the US-Iran conflict escalated, institutional investors faced massive margin calls on their stock portfolios. They didn’t sell gold because they lost faith in it; they sold it because it was the only liquid asset left to cover their losses.
- The Yield Trap: With oil breaching $110, inflation fears have spiked. This has forced the US Fed to signal “higher for longer” rates, making non-yielding gold look like an expensive hobby compared to high-interest US Treasuries.
The Rupee isn’t just sliding; it’s in a freefall. Falling over 4% in March alone and nearly 10% for the fiscal year, the Indian unit is gasping at record lows near 94.81/$1.
The central bank is fighting a multi-front war:
- Crude Oil Shock: Brent crude at $110 is a direct tax on India’s dollar reserves.
- The Forward Book Time Bomb: The RBI’s net short dollar position in the forward market is estimated to have ballooned to $100 billion.
- Import Cover Erosion: Adjusting for these forward positions, India’s “real” import cover has shriveled from 11 months to just 9.4 months.
If West Asia remains a tinderbox, the buffer that felt “invincible” at $728 billion in February could look skeletal by 2027. Some analysts are already eyeing a drop to $636 billion as the new reality.The RBI is no longer just “managing volatility”; it is performing triage on a currency being pummeled by global m
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