Indian Gems & Jewellery Gets Preferential Access To Australia with India-Australia CECA
·Bilateral G&J Trade to grow to USD 1.5 billion
India’s gem and jewellery exports to Australia to grow from USD 300 million to double in next 3 years ·
Indian G&J sector to gain a competitive edge over other suppliers to Australia.
After successfully negotiating a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, the Indian Govt. has secured preferential access for Indian gems & jewellery products in Australia through the recently executed India-Australia Comprehensive Economic Cooperation Agreement (CECA).
Currently India-Australia has a significant bilateral trade of USD 950 million for gem and jewellery commodities. Key commodities that are exported to Australia are gold jewellery plain and studded and polished diamonds. The main commodities imported from Australia are precious metals i.e. gold and silver bars.
Colin Shah, Chairman, GJEPC, said, “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. While India-UAE CEPA will build inroads for plain gold jewellery to the Middle East, and CECA with Australia would provide preferential advantage for the studded jewellery sector. Australia is one of our large suppliers of gold and silver bullion, and until recently, it was also a key supplier of diamonds. We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers. We expect the Agreement to boost bilateral gem and jewellery trade from USD 950 million at present to USD 1.5 billion.”