New Delhi: The Trade and Economic Partnership Agreement (TEPA) between India and European Free Trade Association (EFTA) is expected to triple the export of Indian gems and jewellery to Switzerland, Iceland, Norway and Liechtenstein to USD 1 billion in the coming years, said Vipul Shah, Chairman, GJEPC in a press note on Thursday.
Currently, India exports gems and jewellery products worth USD 335 million to EFTA countries, read the release.
“I am sure that exports of gem and jewellery products to the EFTA group will scale up from US$335 million to at least US$1 billion in the coming times. I believe there is a huge scope for exporting fine gold jewellery and silver jewellery with high gloss and matte finishes, as well as luxurious diamond and coloured gemstone jewellery,” said Shah.
As a part of the trade agreement, EFTA countries have removed custom duties on chapter 71 (gems and jewellery products) enabling Indian exporters of gems and jewellery products to have duty-free access in all EFTA countries – Switzerland, Iceland, Norway and Liechtenstein.
Further, the TEPA pact proposes duty-free imports of gems and jewellery products from EFTA countries to India, reduction of custom duty on imports of cut and polished diamonds, lab-grown diamonds, and coloured gemstones from 5 per cent to 2.5 per cent and the reduction of duty by 1 per cent from the bound rate on precious metal gold imports from EFTA countries.
