NEW DELHI, India, October 17 (ANI) — India is looking to expand exports of lab-grown diamonds, colored gemstones and heritage jewelry by tapping preferential market access under its free trade agreements (FTAs), the Commerce Ministry said Saturday.
The opportunities were highlighted during the Department of Commerce’s “Leveraging FTAs” outreach program in Jaipur, aimed at helping exporters benefit from India’s trade agreements.
According to the ministry’s release, India ranks eighth among global gems and jewelry exporters, accounting for 2.9% of the $1 trillion global market.
A presentation by Md. Moin Afaque, joint director general of foreign trade in Jaipur, identified export opportunities in lab-grown diamond jewelry, colored gemstones, Kundan-Meenakari heritage jewelry, smart and wearable jewelry, recycled gold jewelry and pearls.
The presentation also highlighted potential duty-free market access under India’s recently concluded trade agreements, depending on their provisions and implementation status.
The ministry said the program focused on “identifying export-ready products, understanding tariff preferences and rules of origin, meeting quality and certification requirements, and strengthening connections with overseas buyers.”
India’s trade agreements with partners including the United Arab Emirates, Australia, European Free Trade Association (EFTA) countries and the United Kingdom offer opportunities for exporters to enter new markets.
These opportunities are particularly relevant for Rajasthan, a major center of gems and jewelry production.
The ministry said the initiative seeks to help businesses “translate preferential market access under FTAs into export opportunities through targeted information, capacity building, practical guidance and coordination.”
However, exporters must meet quality standards, certification requirements and rules of origin to qualify for tariff benefits.
The program, addressed by Commerce Ministry Joint Secretary Mohit Yadav, brought together exporters, government representatives and industry bodies to discuss opportunities and challenges in accessing overseas markets. (ANI)
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