India exports ₹2,400 cr of jewellery to Australia under FTA

India has exported its first shipment of jewelery products consisting of gold, silver and imitation jewellery, to Australia worth $300 million (roughly Rs. 2,400 crore) under the Economic Cooperation and Trade Agreement.

ECTA is expected to double bilateral gem and jewelry trade from $1.27 billion currently to $2.5 billion over the next three years.

An additional $1 billion in trade is likely to generate local jobs for 88,000 workers. The Gem and Jewelery Export Promotion Council of India said Indian exports would benefit from preferential market access in Australia with 100 per cent zero tariff lines.

Preferential access

India has offered preferential access to Australia on more than 70 percent of its tariff lines

On the occasion of the initiation of the FTA, Piyush Goyal, Union Minister for Commerce and Industry announced that shipments had been dispatched from Mumbai, Surat and Chennai.

Goyal said, through this agreement with Australia, it is the second free trade agreement in this year and has the potential to export finished products because it is largely a raw material and an intermediate producing country.

GJEPC Chairman Vipul Shah said the zero per cent duty on gold, silver and imitation jewelery products exported to Australia would provide a boost to these products.

He said the government has protected the local industry by not lowering import duties on gold/silver/platinum jewellery.