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India-EFTA TEPA secures duty-free access for gems & jewellery to Switzerland, Norway & Iceland, Liechtenstein

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As the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) comes into force on 1st October, India’s gems & jewellery exporters stand to gain from sustained duty-free access to key European markets — an advantage that has been preserved and reinforced under the new pact.

Signed on 10 March 2024, TEPA is India’s first FTA with developed European economies — Switzerland, Norway, Iceland and Liechtenstein. It reflects a commitment not just to freer trade in goods and services, but also to investment, sustainable development, and job creation.

For the gems and jewellery sector, TEPA secures duty-free access for several important product lines across EFTA nations.

Switzerland: Cut & polished natural diamonds, gold jewellery, and polished rubies, sapphires & emeralds

Norway: Cut & polished natural diamonds, gold jewellery, silver jewellery, and imitation jewellery

Iceland: Gold jewellery, silver jewellery, and imitation jewellery

The agreement goes beyond tariff elimination by creating a stable and predictable trade framework for exporters. It also brings a strong investment component, with EFTA countries committing USD 50 billion in FDI over the first decade, followed by another USD 50 billion in the subsequent five years.

This inflow is expected to generate one million direct jobs, with opportunities for design innovation, precision manufacturing and technology upgrades that could particularly benefit India’s jewellery MSMEs. Additionally, easier access to advanced equipment, inputs and capital from Europe is set to strengthen India’s value chains and improve the competitiveness of its jewellery exports.

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Bengaluru-based lab-grown diamond jewellery startup ONYA raises ₹5.5 crore in pre-seed funding led by Zeropearl VC

The brand scales to four profitable high-street stores in Bengaluru, touching ₹2 crore MRR in 11 months

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ONYA, one of India’s fastest-growing offline-first, premium lab-grown diamond jewellery brands, has raised Rs.5.5 crore in a pre-seed round led by Zeropearl VC. The round also saw participation from prominent angel investors including MyGate founders Vijay Arishetty, Abhishek Kumar, Shreyans Daga, and Rohit Jindal; UrbanVault founder Amal Mishra; and Alkendra Pratap Singh, Managing Director of Crescendo Industries Pvt. Ltd. and Director of KE Engineers Pvt. Ltd., among others. The fresh capital will be used to accelerate ONYA’s offline retail expansion across major Indian cities.

ONYA, short for “On You,” was founded on a simple idea: to create art that looks good On You. The inspiration came from a deeply personal moment when two people ready to begin their life together realized that the ring they loved was beyond reach. That experience sparked a mission to make beautifully designed and meaningful diamond jewellery accessible to everyone. Today, ONYA stands for crafting soulful lab-grown diamond pieces that mark life’s most cherished celebrations in every Indian home.

Within 11 months, ONYA has expanded to four profitable high-street stores in Bengaluru, achieving a monthly revenue run rate of ₹2 crore. The company has also strengthened its leadership team with the appointment of Gaurav Choudhary, former Director of Products at xto10x, who joins as Co-founder.

Himani Yadav, Founder of ONYA, said, ONYA didn’t begin as a business idea — it began with a personal moment. My engagement ring was a lab-grown diamond long before the category became mainstream, and that experience made me realize how many people felt priced out of meaningful jewellery. ONYA was created to change that by bringing emotion, accessibility, and intention back into fine jewellery.

Being backed by Zeropearl VC at this stage — and by someone like Bipin, who brings a decade of deep consumer-brand investing experience, including in jewellery — adds immense value and clarity to our journey. The fact that ONYA fits naturally into Zeropearl VC’s Indiluxe thesis reinforces that we’re building in the right direction. This partnership gives us the confidence to take thoughtfully designed lab-grown diamonds to more homes across India.”

Bipin Shah, Founder and Managing Partner, Zeropearl VC, said At Zeropearl VC, we back founders who deeply understand the problem they’re solving — and Himani’s clarity stood out from day one. The ONYA team is already showing early signs of cracking an offline & Design first approach in premium lab-grown diamond space which strongly aligns with our Indiluxe thesis. Young India’s shift in how they view jewellery is undeniable, and ONYA is building right at that inflection point.

Bipin Shah

Their design focus and customer obsession give us strong confidence — and we see this as a gateway to expanding into more premium, next-gen consumer categories over time.” ONYA’s jewellery features IGI-certified lab-grown diamonds set in BIS Hallmarked gold, blending scientific precision with elegant design. With this investment, ONYA plans to expand its product lines, open more customer-first experience stores, and deepen its connection with India’s growing base of conscious luxury

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