National News
India surpasses Japan to become 4th largest economy at $4 tn; may soon surpass Germany to reach no.3
Rising incomes, burgeoning middle class expected to fuel domestic consumption of jewellery
India has surpassed Japan to become the world’s fourth-largest economy, according to NITI Aayog CEO BVR Subrahmanyam, referencing IMF data. India is now a USD 4 trillion economy, trailing only the US, China, and Germany. India may soon surpass Germany and become the third-largest economy in the world in another 2, 2.5 to 3 years according to Subrahmanyam.
This is good news for Indian GJ sector: Rising incomes, a burgeoning middle class, and a youthful population are expected to fuel domestic consumption of gold, diamonds, and other jewellery, especially for weddings and festivals—sectors that already account for a significant share of demand. As India’s economic status improves, jewellery will continue to be seen as both a status symbol and a form of financial security, further boosting local sales.
BVR Subrahmanyam stated “India may soon surpass Germany and become the third-largest economy in the world. It’s only the United States, China, and Germany which are larger, and if we stick to, you know, what is being planned, what is being thought through, it’s a matter of another 2, 2.5 to 3 years; we would become the third largest economy.”
National News
GJEPC Unveils GCC Customs Guide for Gem & Jewellery Exporters
Comprehensive Guide Details Duties, VAT, Compliance Norms and FTA Benefits to Streamline India–Gulf Jewellery Trade
GJEPC has released a GCC Customs Guide covering import procedures for the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait, to help exporters navigate compliance requirements and shipment planning.
The GCC remains a key market for India, with exports of about $8 billion in FY 2024-25, contributing nearly 27% of global shipments from the sector. The guide outlines customs duties, VAT Structures, Documentation Norms, Hallmarking and Assay Rules, Kimberley Process and CITES Compliance, Temporary Import Provisions, Port Procedures and Clearance Timelines.
The guide notes that GCC countries broadly follow a 5% import duty regime, with country-specific VAT and regulatory requirements, while CEPA and FTA benefits are available in markets such as the UAE and Oman subject to origin documentation.
Designed as a practical reference, the guide aims to reduce customs delays, compliance costs and entry barriers, particularly for new exporters targeting the Gulf region.
source:GJEPC
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