Fashion

India-Australia ECTA sees $2 billion boost in gem and jewelry trade, Retail News, Retail ET


    Images are used for representation purposes only
Images are used for representation purposes only

India-Australia Trade & Economic Cooperation Agreement (ECTA) is expected to promote bilateral gems and jewelry trade from $1.3 billion today to $2 billion, according to the Gem and Jewelery Export Promotion Council (GJEPC).

“By providing preferential access to India’s gem and jewelry exports, this agreement also helps Australian retailers purchase world-class finely crafted jewelry from world-class manufacturers. We hope this agreement will boost the bilateral gem and jewelry trade from $1.3 billion to up to $2 billion,” said Vipul Shah, president of GJEPC. know.

He said that the central government has been successful in facilitating trade in gems and jewelry in the post-pandemic period – first with the India-UAE CEPA which has helped to make significant progress. in exporting gems and jewelry to the UAE, and now with the India-Australia Economic Agreement. The Cooperation and Trade Agreement (ECTA) has just been approved by the Australian parliament. history India-Australia trade The deal is expected to open up millions of dollars in additional trade due to preferential access for Indian gem and jewelry exports to the island nation.

India-Australia has substantial bilateral trade worth $1.3 billion in gem and jewelry items in Fiscal Year 2021-22. The main export items to Australia are plain gold jewelry, nail jewelry and cut and polished diamonds. The main imports from Australia are precious metals – gold and silver bars.

“Since the India-Australia negotiations began, India’s gem and jewelry exports have seen positive growth, complementing the upcoming India-Australia ECTA,” said Shah. next. India’s G&J exports to Australia grew 21% to $183.86 million in the April-October 2022 period compared with the same period last year. We expect Australia to benefit from access to areas where India leads the world, such as diamonds.”

The GJEPC President added: “Australia is one of our major suppliers of bullion and, until recently, was also a major supplier of diamonds.

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