Surat Flags Off First UK Jewellery Export Under India-UK CETA

SURAT : Surat, the diamond capital of the world, flagged off the first jewellery export consignment to the United Kingdom (UK) under the  India-UK Comprehensive Economic and Trade Agreement (CETA) on Wednesday. 

Four leading exporters from Surat-Gaurav Jewellers, Roy Diamond, Shish Jewels Limited, Parvati Jewels LLP-were part of the inaugural US$10 million jewellery shipment comprising gold jewellery, diamond jewellery, silver jewellery and platinum jewellery.

The flagging off ceremony was held in the presence of Abhimaniu Sharma, Development Commissioner Surat SEZ and Joint Director General of Foreign Trade; DT Parate, Joint Director General of Foreign Trade; Satyadev D., Foreign Trade Development Officer; Vinod Yerne, Jt.Commissioner of Customs- Specified Officer Surat SEZ,  Ratanjay V, Appraiser, SDB Customs; andi Jayanti Savaliya, Regional Chairman – Gujarat Region, Gem & Jewellery Export Promotion Council (GJEPC).

The India-UK CETA ushers in a new era for India’s gem and jewellery industry by providing zero-duty access to the UK market from the day the agreement enters into force and eliminating UK import tariffs of up to 4%. The agreement gives Indian exporters a significant competitive advantage in the UK’s US$4 billion jewellery import market, paving the way for enhanced exports, investment and employment.

Kirit Bhansali, Chairman, GJEPC, said “The India-UK CETA eliminates UK import tariffs of up to 4%, providing Indian exporters with a significant competitive advantage in the UK’s US$4 billion jewellery import market. With zero-duty access, we expect India’s gem and jewellery exports to the UK to increase from around US$754 million to nearly US$2.5 billion over the next three years. This growth will create new opportunities for exporters, manufacturers, MSMEs, artisans and designers while further strengthening India’s position as a global leader in craftsmanship, innovation and value-added jewellery manufacturing.”

Jayantii Savaliya, regional chairman of GJEPC said, “We are confident that Surat’s dynamic ecosystem of manufacturers, exporters, artisans and entrepreneurs will play a pivotal role in accelerating India’s gem and jewellery exports to the UK.” 

Abhimaniu Sharma, development commissioner Surat SEZ said, “The labour intensive sectors are going to benefit hugely from the India-UK CETA. At present, India-UK trade is worth $65 billion dollars, which is going to increase manifold in the coming years”

The India-UK CETA is expected to deliver significant benefits to Gujarat’s gem and jewellery sector by improving market access, encouraging value-added manufacturing, creating employment, promoting skill development and strengthening the participation of artisans, MSMEs and exporters. Surat’s globally acclaimed expertise in diamonds, jewellery manufacturing and exports positions the city as one of the biggest beneficiaries of the landmark agreement.