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.