JB Insights
Let us continue to harness our collective strengths, seize emerging opportunities, and embrace change with enthusiasm.
Let us uphold our legacy of craftsmanship and integrity, and propel the industry towards unparalleled success – Vipul Shah
The Indian gem and jewellery sector is a force to reckon with in the international GJ market. GJEPC has been the apex body driving India’s export-led growth in the gem and jewellery sector since 1966.Vipul Shah, Chairman GJEPC speaks to JewelBuzz on the initiatives, strategies for growth of the GJ industry, impact of geopolitical crisis on GJ sector and government policies and regulatory frameworks aiding the growth of Indian GJ sector.
Take us through the GJEPC roadmap for the year 2024—events and initiatives, strategies for growth of the GJ industry.
GJEPC is focused on growing India’s share of the global gem and jewellery pie. The Council also has a dual focus of driving export growth and creating job opportunities in the industry. Despite challenges faced in 2023, the industry is optimistic for the year 2024.
Efforts are directed towards sustaining and increasing exports to major markets like the USA, Hong Kong, and UAE. Additionally, the industry is exploring new markets such as the UK, Italy, France, Latin America, and Cambodia among many others.
Marketing efforts will be intensified to promote Indian gems and jewellery globally. This includes organising the IIJS, the India International Gem & Jewellery Show (IGJS) in Dubai and Jaipur, actively participating in major international gem and jewellery exhibitions; and facilitating product-specific and market-specific Buyer Seller Meets.
There is also a focus on investing in technology and innovation to enhance productivity, efficiency, and competitiveness. GJEPC, in collaboration with the Ministry of Commerce & Industry and SEEPZ, has launched a Mega Common Facility Center in SEEPZ Mumbai. This initiative aims to increase manufacturing capacities, drive technological advancements, and provide extensive skill development opportunities. Importantly, the services offered will benefit both SEEPZ and Domestic Tariff Area (DTA) units, reflecting inclusivity and industry-wide progress.
The geopolitical crisis and G7 sanctions banning Russian diamonds are major concerns. What is the impact on Indian diamond industry with the manufacturing sector affected drastically with shortage of rough diamonds?
The G7/EU has considered March 1st to August 31st as the “Sunrise Period.” During this phase, the US has opted for self-certification for import shipment clearance, while the EU provides two alternatives: G7 certification and a documentary evidence-based system, facilitating Indian trade in importing goods directly to India using the documentary evidence option. Certain countries allow Mixed Origin relaxation, subject to documentary evidence. The UK has provided clarification on Grandfathering diamonds movement and the necessary procedures. As of March 1, 2024, the immediate impact of G7 sanctions appears relatively manageable, with the industry adjusting to uphold support documents, coordinate two supply chains, and comprehend country-specific requirements for legal compliance. While it is still early, being only 3 weeks into the sanctions, inquiries and feedback from members are being actively received and assessed to gain a comprehensive understanding of the situation.
How are government policies and regulatory frameworks aiding the growth of Indian GJ sector?
Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. Over the years, through trade-friendly policies, the government has facilitated a remarkable surge in gem and jewellery exports, which now stand at USD 40 billion.
The recent Free Trade Agreements with key partners such as the UAE, Australia, and the European Free Trade Association (EFTA) countries—Switzerland, Iceland, Norway, and Liechtenstein—hold substantial promise for further boosting Indian gem and jewellery exports.
However, to enhance the industry’s competitiveness in global markets and ensure sustainable development, several measures have been proposed to the government:
- Safe harbour rule for sale of rough diamonds in Special Notified Zones (SNZs)
- Introduction of Diamond Imprest License and reduction in import duty on cut & polished diamonds to 2.5%
- Reduction in import duty on gold/silver/platinum bars to 4%
- Introduction of a mechanism like “Rates & Taxes Refund” through EDI system similar to GST refund.
Despite the various challenges there is always a positive spirit. What is your message to the GJ industry?
Despite facing challenges, the Indian gem and jewellery industry has always shown resilience, relying on its renowned craftsmanship and skills recognized worldwide.
Understanding its inherent strengths, the industry perceives setbacks as temporary hurdles, consistently striving for improvement by integrating the latest technologies. Today, it stands capable of meeting the diverse demands of global markets.
My message to the GJ industry is simple: Let us continue to harness our collective strengths, seize emerging opportunities, and embrace change with enthusiasm. Together, we can navigate through any adversity, upholding our legacy of craftsmanship and integrity, and propel the industry towards unparalleled success.
JB Insights
India–UK FTA: Opening A New Chapter For Indian Jewellery
By Darshan Chauhan, Wholetime Director- Sky Gold and Diamonds Ltd..
Trade agreements are often discussed in terms of tariffs, trade volumes and market access. But their real significance lies in what they enable businesses to do next. The India–UK Comprehensive Economic and Trade Agreement (CETA), which came into force on 15 July 2026, has the potential to create a stronger platform for Indian businesses to compete, collaborate and grow in one of the world’s most important markets.
The agreement provides duty-free access to almost 99% of India’s exports to the UK, covering nearly the entire value of India’s trade with the country. For sectors such as gems and jewellery, this is particularly significant. India’s gems and jewellery exports to the UK currently stand at around US$1.03 billion, while the UK imports approximately US$4 billion worth of jewellery annually. This gap represents a substantial opportunity for Indian manufacturers and exporters to expand their presence and build stronger relationships in the market.
A meaningful opportunity for Indian jewellery
India has long been recognised globally for its jewellery craftsmanship. However, the country’s competitive strength today extends well beyond traditional artistry. Over the years, India has developed a sophisticated manufacturing ecosystem that combines skilled craftsmanship with CAD, CNC technology, advanced production processes, organised quality systems, design capabilities and professional merchandising.
The FTA can give this ecosystem greater global reach
Lower trade barriers can improve the competitiveness of Indian jewellery in the UK and create new opportunities across the value chain, from manufacturers and exporters to designers and artisans. Government estimates indicate that tariff relaxations could potentially double India’s gems and jewellery exports to the UK over the next two to three years.
However, market access alone will not determine who succeeds.
From supplier to strategic partner
The global jewellery business is moving beyond traditional supplier relationships towards strategic partnerships built around consumer insight, design, innovation and speed-to-market. India’s manufacturing strength offers a significant opportunity to move up the value chain—from production to design, product development, merchandising and market intelligence. Quality, flexibility, faster development, consistent replenishment and knowledge of international markets can position Indian manufacturers as indispensable growth partners.
The FTA provides market access; the next opportunity is for Indian jewellery companies to deliver greater value.
Trust remains the foundation
Jewellery is built on trust, with quality, purity, craftsmanship and reliability forming the foundation of every transaction. As Indian companies expand into international markets, sustaining these standards will be essential. Global growth must go beyond tariff benefits, supported by transparent processes, dependable supply chains and consistent quality. The UK opportunity lies not merely in increasing sales, but in building lasting relationships with customers and retail partners. Ultimately, trust and reliability will be key to establishing Indian jewellery as a respected global offering.
Positive sentiment after IIJS Bharat Premiere 2026
The timing of the FTA has also been encouraging from an industry perspective. The sentiment following IIJS Premiere reflected growing confidence across the jewellery trade, with conversations increasingly focused on international opportunities, new collections, product innovation and long-term business relationships.
For many businesses, international markets are no longer being viewed simply as additional export destinations. They are becoming an integral part of long-term growth strategies.
That optimism matters. A trade agreement can create favourable economic conditions, but it is the willingness of businesses to invest, innovate and pursue new opportunities that ultimately converts policy into growth.
The first day of the agreement itself provided an encouraging signal, with more than 50 export consignments worth over US$140 million reportedly flagged off under the preferential tariff regime, including gems and jewellery shipments.
Looking beyond tariffs
The India–UK FTA represents more than a tariff reduction; it offers Indian jewellery an opportunity to strengthen its position in global supply chains and expand its international footprint. With skilled craftsmanship, manufacturing expertise, design capabilities and an increasingly organized ecosystem, India is well placed to leverage this opportunity. Manufacturers must focus on innovation, technology, talent and quality, while exporters need to understand evolving consumer preferences, strengthen distribution and build long-term partnerships.
Catalyst for sustained expansion,
The agreement can help Indian jewellery gain greater recognition for its craftsmanship, design and reliability in the UK market. As global ambitions grow, the FTA could become a catalyst for sustained expansion, encouraging the industry to move beyond short-term exports and establish India as a trusted and influential global jewellery powerhouse.
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.