The recently concluded Free Trade Agreement (FTA) between India and the United Kingdom is expected to give a significant lift to India’s gems and jewellery exports. At a time when shipments to key markets like the United States and China are declining, this agreement arrives as a timely catalyst. Industry estimates suggest that exports to the UK could surge to ₹21,183 crore (US$ 2.5 billion) over the next two years, more than double the current figures.
According to Mr Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), the UK remains a vital export destination for India. In 2024, Indian jewellery exports to the UK stood at ₹7,973 crore (US$ 941 million), while imports from the UK were valued at ₹22,877 crore (US$ 2.7 billion). The new FTA is anticipated to double the total bilateral trade in gems and jewellery to ₹59,311 crore (US$ 7 billion).
Mr Bhansali also emphasised that beyond trade numbers, the agreement would strengthen collaboration with artisan partners and encourage innovation. He expressed optimism that the FTA will lead to long-term partnerships, support traditional craftsmanship, and open up modern, global opportunities for Indian artisans.
Read More: How Different Sectors are Likely to Impact After India–UK Free Trade Agreement?
Sharing his perspective, Mr Jayant Ranige, Chief Executive of UK-based Pure Jewels by Bhanji Gokaldas, stated that the agreement “honours tradition while paving the way for innovation.” He highlighted that the UK imports jewellery worth ₹25,419 crore (US$ 3 billion) annually from global markets, and this agreement could accelerate the presence of Indian artistry in the global jewellery space.
The agreement is being seen as more than just an economic milestone — it is a reaffirmation of the cultural connection between the two nations. It celebrates the longstanding legacy of Indian and British jewellery craftsmanship while offering a contemporary framework for future collaboration, trade, and investment.
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Published on: May 8, 2025, 2:25 PM IST
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