Jeweller - May 2022

News
Diamonds and jewellery to benefit from new India trading agreement
Under CECA, India’s gem and jewellery exports to
Australia which are currently estimated at $US300 million
($AU400 million) are expected to double in value in the next
three years.
A billion-dollar bilateral trade agreement has
been reached between India and Australia
which is expected to boost the trade of gems
and jewellery between the two countries.
The Gem and Jewellery Export Promotion
Council (GJEPC) has announced the launch of
the India-Australia Comprehensive Economic
Cooperation Agreement (CECA) which grants
India’s gems and jewellery products preferential
access to Australia and vice versa.
The CECA trade agreement followed the
Comprehensive Economic Partnership
Agreement (CEPA) entered into by India earlier
with the United Arab Emirates, both of which
provide India with a competitive edge over
other suppliers or producers trading in both
countries.
The agreement is aimed at increasing the
bilateral trading value to $US1.5 billion ($AU2
billion) from the current gems and jewellery
commodities trading value of $US950 million
($AU1.26 billion).
Under CECA, India’s gem and jewellery exports
to Australia which are currently estimated at
$US300 million ($AU400 million) are expected
to double in value in the next three years.
According to Colin Shah, chairman, GJEPC,
“The historic India-Australia trade agreement
is expected to unlock millions of dollars of
additional trade due to the preferential access
accorded towards India’s gem and jewellery
exports to the island nation.”
“We expect Australia to benefit from access to
areas where India is a world leader, such as
diamonds,” he said.
Australia imports polished diamonds and
gold jewellery from India, while India imports
precious metals such as gold and silver bars
from Australia.
Shah noted that “Australia is one of our large
suppliers of gold and silver bullion, and until
recently, it was also a key supplier of diamonds.”
“By providing preferential access for Indian gems
and jewellery exports, the deal also makes it
cheaper for Australian retailers to procure worldclass
jewellery crafted with finesse from Indian
manufacturers,” he added.
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