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 $950 mn 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 in the Middle East, CECA with Australia would provide a 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 $950 mn at present to $ 1.5 bn.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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