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India-New Zealand FTA: Gems & Jewellery Exports to Hit $50 Million in 3 Years

The Gems and Jewellery Export Promotion Council (GJEPC) welcomed the India-New Zealand Free Trade Agreement, predicting a significant boost to India's gem and jewellery exports. Under the agreement, zero-duty access is expected to raise exports from the current $16.61 million to nearly $50 million over three years. The FTA provides India with a clear duty advantage over competitors like China and Thailand, improving competitiveness and market share. It is also expected to benefit various jewellery segments, support employment in key manufacturing hubs, and strengthen bilateral trade and investment.

Key Points: India-New Zealand FTA Boosts Gems & Jewellery Exports to $50M

  • India-New Zealand FTA signed
  • Zero-duty access for gems & jewellery
  • Exports expected to rise from $16.61M to $50M in 3 years
  • FTA provides duty advantage over China & Thailand
  • Benefits multiple jewellery segments and key manufacturing hubs
2 min read

Zero-duty access under India-New Zealand FTA expected to lift gems, jewellery exports to USD 50 mn in three years: GJEPC

Zero-duty access under India-New Zealand FTA will boost gems & jewellery exports to USD 50 million in 3 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

Gems and Jewellery Export Promotion Council on Monday welcomed the signing of the India-New Zealand Free Trade Agreement, saying the pact is expected to significantly boost India's gem and jewellery exports with zero-duty access to the market.

India's current gem and jewellery exports to New Zealand stand at around USD 16.61 million, which the industry body expects to rise sharply to nearly USD 50 million over the next three years under the agreement.

"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," said Kirit Bhansali, Chairman, GJEPC.

"The India-New Zealand FTA, following the Australia agreement, is a timely step in this direction... with zero-duty access under the agreement, we expect this to grow to nearly USD 50 million over the next three years," he added.

The council noted that New Zealand's high per capita jewellery consumption offers strong growth potential for Indian exporters. It also highlighted that the agreement gives India a "clear duty advantage over key competitors such as China and Thailand," which is expected to improve competitiveness and expand market share.

The FTA is likely to benefit multiple segments, including gold, silver, platinum, studded, contemporary and fashion jewellery, while also supporting employment generation across key manufacturing hubs such as Gujarat, Maharashtra, Rajasthan and West Bengal.

"Importantly, this FTA is not just an export opportunity, but also a platform for deeper economic engagement and investment, supporting a more balanced and resilient growth trajectory for the sector," Bhansali said.

The GJEPC further said the agreement opens avenues to leverage the Indian diaspora in New Zealand, expand retail presence through local partnerships, and strengthen long-term trade ties in the Oceania region.

Recent Indian investments in New Zealand's jewellery retail segment also point to strong long-term growth potential, with the FTA expected to further accelerate bilateral trade and investment flows, the council added.

- ANI

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Reader Comments

V
Vikram M
Let's hope this isn't just another promise that fades away. We've heard many FTAs before, but ground-level benefits for small artisans are still limited. The GJEPC should ensure the benefits reach actual craftsmen in Gujarat and Rajasthan, not just big exporters.
R
Rohit P
As someone working in a small jewellery unit in Surat, this feels promising. We've seen how the Australia FTA helped us. New Zealand's market is small but high-value. Zero duty means we can compete with China directly. Hope this creates more jobs in our sector! 🙏
K
Kavya N
Good move, but we need to be careful about quality standards. New Zealand consumers expect high-quality hallmarked jewellery. We must ensure our artisans are trained and products meet international standards. Also, environmental concerns with gold mining? Let's be responsible.
S
Siddharth J
Finally, our diplomatic efforts are paying off! After the Australia FTA, this is excellent diversification. We shouldn't be just dependent on the US market. The Indian diaspora in New Zealand will also help build trust. But execution is key - let's see if GJEPC can deliver on the USD 50 mn target.
A
Aman W
The zero-duty edge over China and Thailand is a big win! Our traditional jewellery making skills plus modern designs could really click with Kiwis. I just hope small exporters get the paperwork and logistics support they need. The government should set up a help desk for MSMEs in this sector.

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