Jewellery Export To UAE Flourishing

Exports of gems and jewellery to the United Arab Emirates (UAE) have risen since the Comprehensive Economic Partnership Agreement (CEPA) between the two nations went into effect on May 1.

Exports of plain gold jewellery increased significantly year over year in May, by 72 percent, to $1,048.40 crore, and in June, by 68.65 percent, to $1,451.58 crore.

80 percent of India's exports of plain gold jewellery and 20 percent of those with stones come from the UAE. For 2022–2023, the government has increased the total goods export target for the gem and jewellery sector from the previous fiscal year's $40 billion to $45.7 billion.
The UAE will waive import taxes on 90% of Indian goods under the CEPA. Within five years, it is anticipated that two-way trade would reach $100 billion. The deal will be advantageous to the business communities in both nations because the UAE is the primary gateway to West Asia and Europe.
From 8,904 crore in the same quarter last year, total gem and jewellery exports to the UAE increased by 10.09 percent to 9,802 crore in the June quarter.

Aside from the UAE, significant markets including the US ($28,975 crore), Hong Kong ($17,246 crore), Belgium ($4,646 crore), and Israel ($2,854 crore) continued to see robust demand for stones and jewellery. "The India-UAE CEPA has directly benefited exports of plain gold jewellery. I implore all exporters to maximise their profits and utilise all the advantages provided by this accord "Colin Shah, the council's head for the promotion of gem and jewellery exports (GJEPC), said. India's total gross exports of gems and jewellery increased year over year by 21.41 percent in June to 25,295.690 crore.

In the months of April through June, total gross exports of gems and jewellery increased 14.6 percent year over year to 7,7049.76 crore. The total gross exports of gold jewellery (plain and studded) increased year over year by 35.25 percent in June 2022 to reach 5,641.28 crore.