FTA offers opportunity for jewellery exporters: Centre

Jaipur: India’s free trade agreement (FTA) partner countries import jewellery worth more than USD 55 billion annually, but the country’s share in these markets remains only around USD 8 billion, indicating significant untapped export potential for the gems and jewellery sector, Union commerce ministry officials said at an outreach programme in Jaipur on Tuesday.

Officials said Rajasthan, which accounts for nearly 97% of India’s coloured gemstone exports and has a strong presence in silver and imitation jewellery, is well-positioned to tap growing demand in FTA markets.

Addressing exporters, manufacturers and MSMEs at a workshop organised by the Department of Commerce in partnership with the Gems and Jewellery Export Promotion Council (GJEPC), Joint Secretary Saket Kumar said India’s expanding network of trade agreements offers a major opportunity for businesses to access overseas markets on preferential terms.

“India’s FTAs are strategic instruments for expanding export opportunities. Our objective is to ensure that every exporter, including MSMEs and cluster-based enterprises, is equipped to utilise them,” Kumar said.

The outreach programme is part of the Centre’s efforts to increase awareness about FTA benefits and boost exports as India targets USD 2 trillion in exports by 2030.