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India-NZ FTA to Boost Gems and Jewellery Exports to $50 Million

The India-New Zealand Free Trade Agreement is expected to significantly boost gems and jewellery exports, with projections of a rise to $50 million over three years. The agreement provides zero-duty access for Indian exports to New Zealand, helping diversify markets. GJEPC Chairman Kirit Bhansali highlighted the strategic importance of reducing overdependence on single geographies like the US. The FTA is also expected to support employment in key manufacturing hubs and strengthen bilateral economic cooperation.

Key Points: India-NZ FTA: Gems and Jewellery Exports to Hit $50 Million

  • India-NZ FTA signed on Monday provides zero-duty access for gems and jewellery
  • Exports projected to rise from $16.61 million to $50 million in three years
  • Agreement helps diversify export markets away from US and GCC
  • FTA supports employment in Gujarat, Maharashtra, Rajasthan, West Bengal
2 min read

India-NZ FTA likely to lift gems and jewellery exports to $50 million: Apex body

The India-New Zealand Free Trade Agreement is projected to triple gems and jewellery exports to $50 million in three years, says GJEPC.

"In today's turbulent global environment, India's continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets. - Kirit Bhansali"

New Delhi, April 27

The India-New Zealand Free Trade Agreement expected to significantly boost gems and jewellery exports, with industry estimates projecting a rise to $50 million over the next three years, said an apex industry body on Monday.

The agreement, which was signed on Monday, provides zero-duty access for Indian exports to New Zealand and is being seen as a strategic step to diversify India's export markets, according to the Gem & Jewellery Export Promotion Council (GJEPC).

Domestic gem and jewellery exports to New Zealand currently stand at around $16.61 million, and with improved market access under the FTA, the figure is projected to rise threefold over the next three years, according to the apex industry body.

GJEPC Chairman Kirit Bhansali said: "In today's turbulent global environment, India's continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets and reduce overdependence on any single geography, such as the US or regions like the GCC."

According to him, the FTA, following the Australia agreement, is a timely step in this direction.

"India's gems and jewellery exports to New Zealand currently stand at around $16.61 million, and with zero-duty access under the agreement, we expect this to grow to nearly $50 million over the next three years," he added.

He said New Zealand, with its high per capita jewellery consumption, presents strong potential for Indian exporters, while the duty advantage over competitors such as China and Thailand is expected to improve India's market share across multiple jewellery categories.

The council also highlighted that the agreement is likely to support employment generation across key manufacturing hubs in Gujarat, Maharashtra, Rajasthan, and West Bengal, while strengthening retail and investment linkages in the region through diaspora and local partnerships.

Recent Indian investments in New Zealand's jewellery retail segment further indicate growing bilateral engagement, with the FTA expected to support both export expansion and long-term economic cooperation.

India and New Zealand signed the historic FTA on Monday.

The agreement was signed under the leadership of Prime Minister Narendra Modi and his New Zealand counterpart, Chris Luxon.

- IANS

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Reader Comments

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Priya S
Finally some good news for the gems sector! The zero-duty access is a game changer. I hope this means more jobs for skilled workers in Mumbai and Jaipur. But why is the government not focusing on value-added exports instead of raw materials? We need more design-led products.
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Vikram M
Diversification of export markets is exactly what we need! Over-reliance on the US or GCC is risky. New Zealand with its high per capita consumption is a smart target. But let's see if the local jewellery retail partnerships actually materialize. The diaspora angle is promising.
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Ananya R
Good for the industry, but I wish the benefits trickle down to small artisans and not just big exporters. The government should ensure fair wages and ethical sourcing. Also, what about environmental impact of mining? Let's not just chase numbers. 🌿
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Rohit P
Great to see PM Modi signing FTAs with New Zealand and Australia. This will strengthen our position in the Pacific region. The zero-duty access is a big win for our exporters. Hope this leads to more such agreements with other countries. 👏
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Kavya N
$50 million is a small figure but it's about diversification. I work in the diamond industry in Surat and we've been hit hard by US tariffs. Any new market is welcome. Let's hope NZ consumers appreciate Indian craftsmanship. Also, the Kiwi-Indian community will help promote our products.
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