India-UK FTA paves the way for US$ 07bn GJ trade boom

 

Kirit Bhansali witnessed the FTA signing with a 20-member delegation  

Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Keir Starmer signed the landmark India-UK Free Trade Agreement (FTA) today-24th July 2025 at Chequers, the official country residence of the British Prime Minister. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was present at the ceremony as part of a special 20-member business delegation led by Hon’ble PM to UK. 

The FTA is set to transform bilateral trade between the two nations, with nearly 99% of Indian exports gaining zero-duty access to the UK market. The pact is expected to significantly boost Indian gem exports across key sectors, especially plain gold and gemstone studded jewellery.  

In 2024, India exported gem and jewellery (GJ) worth US$ 941 million to the UK, while imports from there stood at $2.7 billion, bringing bilateral trade in the sector to UK$ 3.6 billion. Under the FTA, this trade is projected to nearly double, with Indian gem & jewellery exports to the UK set to touch UK$ 2.5 billion and bilateral trade in the sector expected to hit US$ 07 billion in two years’ time.  

The elimination of import tariffs will enhance the global competitiveness of Made in India gems and jewellery, creating fresh opportunities for manufacturers, MSMEs, and creating jobs for skilled artisans across the country. 

Commenting on the landmark agreement, Kirit Bhansali, GJEPC said, “It was an immense privilege to witness the historic signing of the India–UK Free Trade Agreement - a transformative milestone under the visionary leadership of Hon’ble PM Shri Narendra Modi. 

This landmark accord unlocks exciting new opportunities for the gem and jewellery sector. Currently, exports to the UK stand at USD 941 million; with the duty concessions in place, this figure is poised to surge to USD 2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated USD 7 billion.  

What is particularly encouraging is that recent FTAs—including this one—are being forged with key consumer markets across diverse sectors. The Gem & Jewellery Export Promotion Council (GJEPC) has proactively collaborated with the Government to ensure that our industry receives the strategic focus and priority it truly deserves. 

It was both a matter of pride and honor to be part of the Prime Minister’s Indian business delegation and to present the book, Gem of a Partnership, to Hon’ble PM Shri Narendra Modi and UK PM Keir Starmer. The book highlighted the immense potential of India–UK gem and jewellery trade. 

Additionally, it was a distinguished honor to showcase the exquisite, Indian Crafts Reimagined- jewelry collection at the UK–India Reception. The collection beautifully represented iconic traditional arts such as filigree, Kashmiri architecture, Meenakari, enamelling, and Warli, embodying our Hon’ble PM’s inspiring, Design in India - vision for the jewellery sector.” 

GJEPC is actively working to support its members through this evolving trade landscape by hosting awareness sessions, webinars, and seminars led by international trade experts for ensuring that the industry maximises the long-term benefits of this India-UK partnership.