The India–New Zealand Free Trade Agreement (FTA) is expected to create new growth opportunities for India’s gem and jewellery sector by improving price competitiveness and strengthening access to the New Zealand market.

Under the agreement, Indian exporters will receive a tariff advantage of up to 2.5% across several product lines, including gems and jewellery. This is expected to enhance India’s relative pricing position and support wider product penetration in New Zealand.

Commenting on the development, Kirit Bhansali of Gem & Jewellery Export Promotion Council (GJEPC) said, “The India-New Zealand FTA is a significant step forward for India’s gem and jewellery sector. The agreement enhances India’s competitiveness in the New Zealand market by extending tariff advantage of up to 2.5% for various product lines including gem and jewellery. We see strong potential to scale India’s gems and jewellery exports to New Zealand from $16.61 million in 2024 to $50 million over the next three years, strengthening India’s footprint in this important market.”

Industry estimates suggest that exports to New Zealand could more than triple over the next three years, supported by improved pricing, broader product reach and increased engagement with local buyers.

The agreement is also expected to encourage Indian exporters to build deeper relationships with New Zealand retailers and distributors, with a focus on long-term partnerships and consistent supply.

The India–New Zealand FTA aligns with the Indian government’s broader trade strategy aimed at diversifying export destinations and reducing dependence on a limited number of large markets, while creating stable, policy-backed growth opportunities for the gem and jewellery industry.

Source: GJEPC