India’s gem and jewellery exports in FY23 grew by 8.26 percent, aided by the UAE-India economic partnership treaty, a top industry executive said.
“The UAE-India Comprehensive Economic Partnership Agreement (CEPA) helped achieve an increase in the exports of gems and jewellery,” Vipul Shah, chairman of India’s Gem and Jewellery Export Promotion Council (GJEPC), said.
The two countries operationalised the CEPA in May 2022.
The last quarter of the fiscal year is very crucial as it demands strong growth to achieve this year’s target of $45.7 billion, Shah said at the inauguration of India’s first design-centric jewellery show of 2023.
India’s current fiscal year ends on 31st March, making this the last quarter.
The India International Jewellery Show and the India Gem and Jewellery Machinery Expo are currently underway in Mumbai.
Business delegations from the UAE, Bahrain and Saudi Arabia are attending the twin events in Mumbai.
The trade body said this is the first time a Saudi Arabian delegation is attending a GJEPC exhibition.
The Saudi delegation has 18 prime buyers.
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