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GJEPC Calls for Major Concessions from Upcoming India-EU FTA to Gain Market Access and Double Gem & Jewellery Trade to 10 billion US dollars

Council urges duty-free access, tariff rationalisation and balanced concessions to unlock Europe’s $16 billion jewellery market

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With the India-EU Free Trade Agreement (FTA) negotiations nearing conclusion and the upcoming India-EU Summit in New Delhi on 27th January 2026, the Gem & Jewellery Export Promotion Council (GJEPC) has been consistently urging the Govt. to negotiate duty free market access for Indian made jewellery exports to EU. With the gold/silver prices at an upsurge, this will give very significant market advantage to Indian made products.

Strategic Demands

The GJEPC notes that current EU import duties—ranging from 2.5% to 4% on gold, silver, platinum,  imitation jewellery and coins —significantly constrain the competitiveness of Indian exporters.

To address this, the Council has formally sought the removal or reduction of these tariffs. In a move to ensure a balanced and mutually beneficial agreement, the GJEPC has also proposed calibrated concessions on select imports from the EU, particularly regarding diamonds and coloured gemstones.  

Kirit bhansali

Commenting on the critical nature of these negotiations,Kirit Bhansali, Chairman, GJEPC, said: “We commend the sustained and focused efforts of Hon’ble Prime Minister, Shri Narendra Modi and Commerce and Industry Minister Shri Piyush Goyal in advancing the India-EU FTA negotiations. We have high expectations that this agreement will deliver concrete gains for the gem and jewellery sector.

Tariff reduction on jewellery products is critical to help Indian exporters raise their share in Europe’s large import market, improve margins for MSMEs, and support employment across the value chain.”

A strong FTA is viewed as a catalyst for transforming the Indian export profile. By levelling the playing field, the GJEPC believes Indian exporters can move beyond raw material supply to scale volumes in higher-value jewellery categories, strengthening India’s long-term positioning in the global trade ecosystem.

GJEPC has expressed high expectations for the pact. The apex body is urging the Government of India to secure meaningful, sector-specific outcomes that will significantly expand India’s footprint in the lucrative European gem and jewellery market.

India and the European Union already share a robust bilateral trade relationship in the sector, valued at around US$ 5.15 billion. As of CY2024, India’s exports to the EU stood at US$ 2.7 billion, while imports totaled US$ 2.5 billion.

While exports are currently dominated by cut and polished diamonds (valued at US$ 1.72 billion), followed by gold jewellery (US$ 453 million) and silver jewellery (US$ 85 million), the GJEPC has been highlighting immense, untapped potential in finished jewellery categories.

Bridging the Gap: The Market Opportunity

Current data underscores a significant opportunity for growth:

  • Gold Jewellery: The EU-27 imports US$ 11.37 billion annually from the global market. However, imports from India stand at just US$ 468 million, representing a market share of only 4.11%.
  • Silver Jewellery: Of the US$ 2.47 billion global import market in the EU, India captures just US$ 104 million (4.2%).
  • Imitation Jewellery: India holds a meager 2% share of the EU’s US$ 2.7 billion import market.
  • As per ITC Trade Map India has a huge untapped export potential of US$ 16 billion in jewellery products in EU.

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PNG Jewellers Marks 25 Years Of Paud Road Store With ‘Choosing Gold’ Marathi Edition Launch By Actress Shreya Bugade

Launched Within Three Months Of The English Edition, The Marathi Memoir Was Unveiled In The Presence Of Actress Shreya Bugade At PNG Jewellers’ Paud Road Store.

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Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, launched the Marathi edition of his debut memoir, Choosing Gold, in Pune, in the presence of popular Marathi actress Shreya Bugade. The Marathi edition comes just three months after the book’s English release in August 2026, bringing Dr Gadgil’s personal and professional journey closer to readers in his mother tongue. The launch took place at PNG Jewellers’ Paud Road store, which also celebrated 25 glorious years of serving customers and building lasting relationships in Pune.

Choosing Gold offers a deeply personal account of Dr. Gadgil’s journey as the sixth-generation custodian of PNG Jewellers, one of India’s oldest and most respected jewellery businesses with a legacy spanning 194 years. Originally published in English by Penguin Random House India in August 2026, the memoir reflects on the challenges, defining decisions and experiences that shaped his leadership and the evolution of the business. With the launch of its Marathi edition, this journey now reaches readers in a language closely connected to Dr. Gadgil’s upbringing, family and roots.

More than the story of a successful entrepreneur, Choosing Gold is an honest reflection on the responsibility of carrying forward a legacy while finding one’s own identity. Having taken over the leadership of PNG Jewellers, Dr. Gadgil navigated several defining moments that tested his conviction and shaped his outlook. The memoir revisits the lessons learned from setbacks, conversations with his grandfather and mother that stayed with him over the years, and personal experiences that influenced his decisions. It also offers insight into his approach to leading and transforming a nearly two-century-old family business while remaining rooted in the values on which it was built.

Speaking on the launch, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:

“Ever since the English edition of Choosing Gold was released, I had been eagerly looking forward to bringing the book to Marathi readers. Marathi is my mother tongue, and seeing my experiences, decisions and learnings reach readers in my own language is a moment of immense pride and happiness for me. Writing this book allowed me to revisit several moments in my life. Some decisions worked out, some did not, and the significance of a few became clear only years later. Each of these experiences has shaped the person I am today. My family’s values, the rich legacy of PNG Jewellers and the trust our customers have placed in us have all played an important role in this journey.

I am particularly happy that the Marathi edition will allow me to connect with readers in a more personal way. If even one experience from my journey helps someone approach a difficult decision with greater confidence, I would consider the purpose of this book fulfilled.”


Popular Marathi actress Shreya Bugade, who graced the occasion as the chief guest, said:

“It is truly an honour to be part of the launch of the Marathi edition of Dr. Saurabh Gadgil’s Choosing Gold. What makes this occasion even more special is that we are also celebrating 25 glorious years of PNG Jewellers’ Paud Road store. It is a double celebration, and I am delighted to be part of it.”

The launch of the Marathi edition marks another significant milestone in Dr. Gadgil’s journey as an author. Going beyond the world of business, the memoir explores leadership, family, relationships, responsibility and the importance of believing in one’s decisions. Its themes extend beyond entrepreneurs and business professionals, offering relatable experiences and reflections for readers navigating their own ambitions, challenges and choices.

The occasion also marked the silver jubilee of PNG Jewellers’ Paud Road store, celebrating 25 glorious years of customer trust and relationships. Over the past two and a half decades, the store has built a strong connection with generations of customers in the neighbourhood, making it an important part of PNG Jewellers’ journey in Pune.

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