National News
GJEPC Emphasizes FTA Opportunities for Jewellery Exports at CII Jaipur Workshop
At the ‘Growing Opportunities from Free Trade Agreements – An Industry Perspective’ workshop held on 24 June in Jaipur, Sabyasachi Ray, Executive Director of the Gem & Jewellery Export Promotion Council (GJEPC), highlighted the transformative potential of Free Trade Agreements (FTAs) for India’s gem and jewellery sector.
Organised by the Confederation of Indian Industry (CII) in collaboration with the Centre for WTO Studies, the event brought together industry leaders to discuss strategic trade policies and partnerships.
Sabyasachi Ray noted a major policy shift in India’s FTA strategy since 2014, focusing on high-income,
high-consumption markets like the UAE, Australia, and the UK. Citing the success of the India-UAE CEPA, he pointed out that exports nearly doubled from $2.4 billion to $4.8 billion after the agreement. He also expressed optimism about the upcoming India–UK FTA, predicting it could push jewellery exports to $1 billion.
He stressed the importance of smart FTA design, recommending targeted tariff reductions, streamlined customs procedures, and enhanced support for MSMEs to fully realise India’s export potential.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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