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India-Oman CEPA: Opening Fresh Opportunities For GJ Sector

0% Customs Duty On Indian Gem & Jewellery Imports Into Oman, Enhancing Competitiveness.

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The India-Oman Comprehensive Economic Partnership Agreement (CEPA) has come into force on 1 June 2026, ushering in a new phase in bilateral trade relations and creating fresh export opportunities across sectors including gems and jewellery, engineering goods, textiles, agriculture, pharmaceuticals and services.

Signed on 18 December 2025 following negotiations launched in November 2023, the agreement grants India duty-free market access across 98.08% of Oman’s tariff lines, covering 99.38% of the value of India’s exports to the Gulf nation. Bilateral merchandise trade between India and Oman stood at USD 11.18 billion in FY2025-26, up from USD 10.61 billion a year earlier.

Positioned as a gateway to the GCC, Middle East and East Africa, Oman is expected to play a larger role in India’s export strategy under the pact. Speaking at the operationalisation ceremony, Hon’ble Commerce & Industry Minister Shri Piyush Goyal said the agreement deepens economic ties with “one of our most trusted partners in the Middle East” and urged exporters to seize the opportunity created by the new duty-free window.

For the gem and jewellery industry, the CEPA delivers immediate gains. Duties on Indian gem and jewellery products entering Oman, previously as high as 5%, have been eliminated, improving the competitiveness of cut and polished diamonds, gold and silver jewellery, while opening additional opportunities in platinum and imitation jewellery.

Kirit Bhansali -Chairman, GJEPC, said:

“The India-Oman CEPA is a key enabler for strengthening direct trade ties and expanding India’s gem and jewellery exports to Oman. zero duty access will significantly improve competitiveness for Indian exporters and encourage direct sourcing. We see strong growth opportunities for polished diamonds and gold jewellery, along with emerging demand for silver, platinum and imitation jewellery. With this framework, exports to Oman can scale from USD 35 million to around USD 150 million over the next three years.”

Key Gains for the Gem & Jewellery Industry

  • Duty-Free Market Access: 0% customs duty on Indian gem & jewellery imports into Oman, enhancing competitiveness.
  • Export Growth Potential: Exports expected to increase from USD 35 million to USD 150 million over the next three years.
  • Stronger Bilateral Trade: Encourages direct sourcing, deeper business partnerships, and increased investment between India and Oman.
  • Boost to Manufacturing & Exports: Supports Make in India through value-added manufacturing and growth in polished diamonds, gold, silver, platinum, and imitation jewellery.
  • Gateway to Regional Markets: Enhances access to the GCC, Africa, and neighbouring markets through Oman’s strategic location and trade connectivity.
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National News

Abaran Timeless Jewellery Champions Heritage Conservation To Safeguard Traditional Craftsmanship

Support For Hastashilpa Heritage Village Reflects A Commitment To Preserving India’s Architectural and Artisanal Legacy For Future Generations.

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As India’s historic buildings continue to face mounting pressure from urbanisation, redevelopment, and changing lifestyles, concerns are growing not only about the loss of architectural landmarks but also the disappearance of the traditional skills and craftsmanship that created them. Recognising this challenge, Abaran Timeless Jewellery has extended its support to Hastashilpa Heritage Village, reinforcing the importance of preserving cultural heritage and artisanal knowledge.

Through the Abaran Foundation, the philanthropic arm of the Bengaluru-based jewellery house, the company supports a range of initiatives spanning education, healthcare, community welfare, arts, and heritage conservation. Its association with Hastashilpa Heritage Village reflects a deeper commitment to protecting India’s rich cultural legacy beyond the jewellery industry.

Located in Manipal, Hastashilpa Heritage Village is regarded as one of India’s most significant heritage conservation projects. Founded by conservationist Vijaynath Shenoy, the village has successfully rescued and reconstructed traditional homes from across coastal Karnataka, preserving architectural styles and craftsmanship that may otherwise have been lost to neglect or redevelopment.

The conservation process shares many similarities with the art of jewellery making. Every carved beam, decorative element, and handcrafted detail requires meticulous documentation, restoration, and respect for traditional techniques. Much like restoring an heirloom jewel, preserving heritage architecture demands both technical expertise and cultural sensitivity.

For Pratap Kamath, Managing Director of Abaran Timeless Jewellery, the initiative holds personal significance. He noted that the heritage village is located in Udupi, where Abaran was originally founded by his grandfather, Sri Sadanand Kamath. According to Pratap Kamath, the company was inspired by the efforts to preserve heritage homes that might otherwise have vanished as younger generations moved away in search of new opportunities.

His observations reflect a wider concern within the luxury and craft sectors. Whether restoring a centuries-old structure or creating a handcrafted jewel, both disciplines depend on knowledge and expertise that cannot be easily replicated through mass production. Once lost, such skills are extremely difficult to recover.

At the same time, consumers are increasingly drawn to brands that demonstrate authenticity, cultural relevance, and a commitment to preserving heritage. As a result, heritage conservation is evolving from a philanthropic activity into an important reflection of a brand’s values and identity.

Initiatives such as Hastashilpa Heritage Village serve as an important reminder that heritage extends beyond products—it also includes the ecosystems of craft, culture, knowledge, and tradition that make those creations possible.

As India’s architectural treasures and jewellery traditions navigate similar challenges, efforts to preserve one may ultimately help protect the other, ensuring that valuable skills and cultural legacies continue to inspire future generations.

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