The Gem & Jewellery Export Promotion Council (GJEPC) has released its official reaction to the recently secured India-European Union Free Trade Agreement (FTA), outlining the expected impact on India’s gem and jewellery industry.

Reacting to the development, GJEPC Chairman Kirit Bhansali thanked Prime Minister Narendra Modi and Commerce and Industry Minister Piyush Goyal for concluding the agreement, referring to it as the “mother of all trade deals.”

According to the Council, the agreement is expected to support market diversification at a time when exports to the United States have declined by 44%, creating an urgent need for new global markets.

In his official statement, Bhansali said:

“The India-EU FTA will supercharge market diversification for the gem and jewellery industry. This transformative pact aims to double bilateral trade to Rs 91,000 crore within three years. Zero-duty access to the world's largest consumer market empowers export hubs in Gujarat, Rajasthan, Maharashtra, and West Bengal to ramp up shipments of precious jewellery (plain and studded), silver, and imitation jewellery — capitalising on India's renowned design prowess. Especially with exports to the USA down by 44%, this timely pact will help Indian exporters salvage lost ground.

Amid soaring metal prices and evolving trade dynamics, the deal enhances margins, sharpens our competitive edge in design and craftsmanship, accelerates manufacturing, and generates jobs. For Indian jewellery retailers, it opens doors to expand brands across Europe, building on their rising global footprint.”

GJEPC stated that the FTA is expected to strengthen India’s position in European markets and support exporters, manufacturers and retailers across the jewellery value chain.