The India-UK free trade agreement (FTA) will give a fresh fillip to gems and jewellery exports from India at a time when exports to the two major consuming nations – the US and China — are on the decline. Exports to the UK are expected to touch $2.5 billion within the next two years, signifying a more than twofold increase, according to industry executives.
“The UK remains a pivotal market for India’s gem and jewellery sector, with exports reaching $941 million and imports at $2.7 billion in 2024. This landmark FTA is poised to significantly accelerate our export growth, with projections indicating a rise to $2.5 billion within the next two years,” said Kirit Bhansali, chairman of Gem & Jewellery Export Promotion Council (GJEPC).
“As a result, total bilateral trade in gems and jewellery is expected to double, reaching $7 billion. This agreement will open up fresh opportunities for growth, investment and collaboration strengthening the trade between the two nations,” he said.
The UK annually imports jewellery products worth $3 billion from the global markets.
“As London-based jeweller with roots in India, this agreement honours tradition while opening doors to innovation and deeper collaboration with artisan partners,” said Jayant Ranige, chief executive of UK-based PureJewels by Bhanji Gokaldas.
Ranige said the pact would bring Indian artistry to the global stage with greater agility. “We’re excited for the possibilities this brings—not just commercially, but in celebrating the shared legacy and future of Indian and British jewellery craftsmanship,” he said.
