GJC organised the first of its kind one-day seminar
Strived to educate jewellers to explore benefits under CEPA
All India Gem & Jewellery Domestic Council (GJC) organised the first of its kind one-day seminar to educate Indian jewellers about the benefits in jewellery exports under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). The seminar organised on Wednesday, 29th May 2024, at Hyatt Regency Dubai, and was attended by over 100+ jewellers from across India and prominent importers from the UAE.
India signed an exclusive CEPA agreement with the UAE in March 2022 to boost gems and jewellery exports at lower duty. As per the agreement, the import duty on jewellery exports to UAE from India has been reduced from 5 per cent to ‘nil’. There were four panel discussions organised during the seminar where panellists elaborated benefits of India’s gems and jewellery exports to the UAE, and the potential forward.
Nilesh Shobhawat, GJC NextGen Convener, delivered the welcome address and formally inaugurated the seminar. Separate sessions were dedicated on to topics including international financing, changing security and business landscape, and how to set up businesses in the UAE, among others.
The bilateral pact targets India’s gems and jewellery sector to achieve annual exports of more than US$10 billion to the UAE. Additionally, India is allowed to import from UAE up to 120 tonnes of gold at 1 per cent import duty. The volume of India’s gold imports from the UAE is expected to reach 200 tonnes in five years.
Saiyam Mehra, Chairman of All India Gem & Jewellery Domestic Council, stated, “The Indian jewellery industry stands on the threshold of compounded growth which will be driven by factors such as lower import duty in the UAE. India’s gems and jewellery industry is known for low labour cost, better quality, unique craftsmanship, and timely delivery of the contracted goods.
To support the move, the policy decisions in the UAE have been favourable for Indian exporters, which accelerated under the CEPA pact. It offers a great opportunity for Indian jewellers to export value added products to the UAE at lower duty.”
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