8th May, 2025, Bengaluru: The signing of the India–UK Free Trade Agreement is a landmark achievement that will significantly deepen and strengthen the longstanding economic and cultural ties between the two nations. For India’s gem and jewellery sector, this agreement is a game-changer, unlocking immense potential for growth, investment, and employment generation. It comes at a pivotal time when Indian craftsmanship is increasingly gaining global recognition and demand for responsibly sourced, exquisitely designed jewellery is rising in mature markets like the UK.
Mr. Kirit Bhansali, Chairman, GJEPC said, “In CY 2024, India’s exports of gems and jewellery to the UK stood at USD 941 million, including USD 400 million in jewellery alone, while imports from the UK reached USD 2.7 billion, bringing the total bilateral trade in this sector to USD 3.6 billion. With the implementation of the FTA—especially the relaxation of import duties on jewellery in the UK—India’s jewellery exports are projected to rise to USD 1 billion, and total gem and jewellery exports to USD 2.5 billion over the next two years. As a result, bilateral trade in this sector is expected to double to an impressive USD 7 billion.”
Mr. Bhansali further added, “This landmark agreement would not have been possible without the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi. His steadfast commitment to expanding India’s global trade footprint and championing traditional Indian industries has been instrumental in securing such a strategic and forward-looking trade pact.”
“The GJEPC is committed to working closely with all stakeholders to leverage the full potential of this agreement and ensure that the benefits percolate to every level of the value chain—from artisans and small manufacturers to large exporters and international retailers.”
Expressing his heartfelt appreciation to the Ministry of Commerce & Industry, Mr. Kirit Bhansali, Chairman, GJEPC, commented, “Under the dynamic leadership of Hon’ble Minister Shri Piyush Goyal, the Department of Commerce has played a stellar role in driving forward the negotiations with remarkable clarity and commitment, ensuring that the interests of Indian exporters and artisans are fully safeguarded and promoted. Their proactive engagement and deep sectoral understanding have culminated in a deal that holds transformative promise for our industry.”
The India–UK FTA is a monumental moment for India’s gem and jewellery sector. It not only enhances India’s access to one of the world’s most valuable markets but also celebrates the spirit of Indian artistry and entrepreneurship. This agreement will spur export growth, attract investment, and most importantly, create thousands of jobs across India’s jewellery clusters.
The FTA will reduce trade barriers, streamline logistics, and ensure that Indian jewellers can serve global consumers with greater agility and competitiveness. It will also foster deeper design collaboration and cultural exchange between Indian and UK jewellers, reinforcing India’s position as a global hub of excellence in jewellery manufacturing and design.
