National News
India-NZ FTA to open fresh opportunities for GJ Trade
The India-New Zealand Free Trade Agreement is expected to open fresh opportunities for India’s gem and jewellery sector by improving price competitiveness and market access. The agreement offers a tariff advantage of up to 2.5% across several product lines, including gems and jewellery, strengthening India’s position in the New Zealand market.
Commenting on the development, Kirit Bhansali, Chairman, GJEPC, said, “The India-New Zealand FTA is a significant step forward for India’s gem and jewellery sector. The agreement enhances India’s competitiveness in the New Zealand market by extending tariff advantage of up to 2.5% for various product lines including gem and jewellery. We see strong potential to scale India’s gems and jewellery exports to New Zealand from $16.61 million in 2024 to $50 million over the next three years, strengthening India’s footprint in this important market.”
With the FTA now in place, industry estimates suggest exports could more than triple over the next three years, driven by improved pricing, wider product reach and stronger buyer engagement. The agreement is also expected to encourage Indian exporters to deepen relationships with New Zealand retailers and explore long-term partnerships in the market.
The FTA aligns with the Indian Government’s broader strategy of using trade agreements to diversify export destinations and reduce reliance on a few large markets, while creating stable, policy-backed growth avenues for the gem and jewellery industry.
Appoinment
De Beers Names Mallikarjuna Reddy Yarabolu as MD of Forevermark India
Appointment signals accelerated retail expansion as India emerges as a key growth market for natural diamond jewellery
De Beers Group has appointed Mallikarjuna Reddy Yarabolu as Managing Director of Forevermark India, effective January 2026, reinforcing its strategy to expand the brand’s footprint in one of the world’s fastest-growing natural diamond jewellery markets.
Mallikarjuna brings over 20 years of leadership experience spanning fashion, luxury, FMCG and organised retail. He most recently served as Chief Revenue Officer at Arvind Fashions Limited, where he drove sales and revenue strategies for leading brands such as U.S. Polo Assn., Arrow and Flying Machine. Announcing his departure on LinkedIn, he credited the leadership team for the opportunity to help stabilise and transform the business.
Earlier, he spent six years at Nestlé India, heading food service and retail formats including Maggi Hotspots, KitKat Break Zones, Milk Booths and Nescafé kiosks, managing a nationwide network of over 750 outlets. His career also includes senior roles at Aditya Birla Fashion and Retail Ltd. (Peter England), Walmart India and Godrej Agrovet.
The appointment comes as De Beers scales Forevermark’s presence in India, now the world’s second-largest market for natural diamond jewellery. Having transitioned from a loose diamond offering to a branded jewellery retail model, Forevermark plans to expand to 100 outlets by 2030.
With rising consumer incomes, increasing premiumisation and rapid growth of organised retail, India is expected to play a pivotal role in the future of natural diamonds. Yarabolu’s expertise in channel expansion and retail-led growth is set to support Forevermark’s next phase of growth in the country.
De Beers Names Mallikarjuna Reddy Yarabolu as MD of Forevermark India
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