According to WGC, the US became the largest market for Indian gold jewellery due to additional tariffs on Chinese jewellery to the US. The US has become India's largest export market for gold jewellery ahead of the UAE, the World Gold Council (WGC) said in a report.
The WGC said that under a Comprehensive Economic Partnership Agreement (CEPA), introduced in May 2022, 90 per cent of Indian goods sent to the UAE will be given duty-free access. As goods sold in the UAE are re-exported, this has substantially increased India's gold jewellery exports and will continue to do so.
With the Indian government seeking to boost manufacturing and exports, jewellery exports are likely to rise. Also, proposals to allow advance payments to overseas precious metal suppliers and set up mega common facility centres (CFCs) in the Santacruz Electronics Export Processing Zones (SEEPZ) in Mumbai and Surat could stimulate sector growth if implemented, said WGC.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
The WGC said that under a Comprehensive Economic Partnership Agreement (CEPA), introduced in May 2022, 90 per cent of Indian goods sent to the UAE will be given duty-free access. As goods sold in the UAE are re-exported, this has substantially increased India's gold jewellery exports and will continue to do so.
With the Indian government seeking to boost manufacturing and exports, jewellery exports are likely to rise. Also, proposals to allow advance payments to overseas precious metal suppliers and set up mega common facility centres (CFCs) in the Santacruz Electronics Export Processing Zones (SEEPZ) in Mumbai and Surat could stimulate sector growth if implemented, said WGC.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
