The signing of the India–UK Free Trade Agreement (FTA) on 24 July at Chequers, the official country residence of UK PM Sir Keir Starmer, marks a significant milestone in strengthening bilateral trade. Hon’ble Prime Minister Shri Narendra Modi led a 20-member Indian business delegation that included Mr. Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), who actively participated in the historic moment.
The landmark agreement grants zero-duty access to nearly 99% of Indian exports, with the gem and jewellery sector poised to be a major beneficiary. In 2024, India exported $941 million worth of gems and jewellery to the UK. The FTA is projected to push exports to $2.5 billion and increase overall bilateral trade in the sector to $7 billion over the next two years.
This tariff elimination significantly enhances the global competitiveness of Indian-made gems and jewellery, offering new opportunities to MSMEs, manufacturers, and skilled artisans across India.
Commenting on the FTA, Mr. Kirit Bhansali, Chairman, GJEPC, stated, “It was an immense privilege to witness this historic moment under the visionary leadership of Hon’ble PM Shri Narendra Modi. With duty concessions now in place, India’s gem and jewellery exports to the UK are expected to rise dramatically, from $941 million to $2.5 billion in just three years.”
Mr. Bhansali also presented the commemorative book Gem of a Partnership – India–UK FTA to both Prime Ministers during the UK–India Reception. GJEPC further showcased the Indian Crafts Reimagined jewellery collection, which reflected India’s traditional artistry through techniques like filigree, Meenakari, Warli, and Kashmiri architectural motifs—aligning with the Hon’ble PM’s Design in India initiative.
GJEPC continues to support its members through webinars, trade expert sessions, and awareness campaigns to ensure the industry leverages the full benefits of this FTA.
