New Delhi [India], July 14 (ANI): India's gem and jewellery exports to UAE have started showing positive results post implementation of the Comprehensive Economic Partnership Agreement CEPA) with the western Asian country.
Post the implementation of the India-UAE economic partnership agreement on May 1, exports of plain gold jewellery to UAE witnessed a growth of 72 per cent to Rs 1,048.40 crore in May 2022 and 68.65 per cent to Rs 1,451.58 crore in June 2022 as compared to the same month in 2021, respectively, according to the Gem and Jewellery Export Promotion Council (GJEPC).
Besides, total gem and jewellery exports to UAE from April to June witnessed a growth of 10.09 per cent to Rs 9,802.72 crore as compared to the same period last year.
Apart from UAE, demand for gems and jewellery also remained strong during the period of April to June 2022 from key markets like the US, Hong Kong, Belgium, and Israel, the export council said.
For the month of June 2022, India's overall gross exports of gems and jewellery witnessed a growth of 21.41 per cent to Rs 25,295.69 crore (14.5 per cent in dollar terms to $3,241.38 million) as compared to Rs 20,835.57 crore in June 2021.
For the April-June period, the overall gross exports of gems and jewellery witnessed a growth of 14.6 per cent to Rs 77,049.76 crore (9.59 per cent in dollar terms to $9,983.78 million) as compared to Rs 67,231.25 crore ($9,110.48 million) during the same quarter of 2021.
"Plain gold jewellery exports have been the immediate beneficiary of the India-UAE CEPA. I would like to thank the Ministry of Commerce & Industry for supporting us with policy that is making a transformative difference and delivering results that are accelerating our momentum towards achieving $75 billion in exports. I urge all exporters to maximise their returns and make optimum use of the benefits available through this pact," said Colin Shah, Chairman of the council. (ANI)