Editor’s Note
This article reports on the landmark signing of a Free Trade Agreement between India and the UK at Chequers. The pact is anticipated to significantly reshape bilateral trade, particularly within the gems and jewelry sector.
In a historic event held at the official country residence of the British Prime Minister, Chequers, on July 24, the Prime Ministers of India and the United Kingdom, Shri Narendra Modi and Sir Keir Starmer, signed the long-awaited Free Trade Agreement (FTA) between the two nations. This alliance marks a turning point in bilateral trade relations and promises to revolutionize the gems and jewelry industry, with unprecedented growth expected.
This agreement between India and the United Kingdom aims to grant tariff-free access to nearly 99% of Indian exports to the UK, which will significantly boost sales of gold jewelry and pieces set with precious stones.
In 2024, Indian exports of gems and jewelry to the UK reached $941 million, while British imports to India were $2.7 billion, resulting in bilateral trade of $3.6 billion in the sector. With the implementation of the FTA, these figures could double in the next two years, projecting a joint trade volume of $7 billion.
Among those present at the signing ceremony was Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council of India (GJEPC), as part of a prominent 20-member business delegation accompanying Prime Minister Modi. Bhansali hailed the agreement as:
He highlighted that the elimination of tariffs:
He added that under the new conditions, Indian exports could scale to $2.5 billion in just three years.
During the event, the GJEPC also presented both leaders with the commemorative book “Gem of a Partnership – India–UK FTA”, a publication highlighting the potential of trade between the two countries in this sector. Additionally, the special collection “Indian Crafts Reimagined” was exhibited, a showcase of jewelry inspired by artistic traditions such as filigree, Kashmiri architecture, meenakari, enameling, and Warli tribal art. This collection reflects Prime Minister Modi’s vision of promoting Indian design as a driver of global differentiation in the jewelry industry.
The GJEPC has announced that it will continue to support its members in this new phase by organizing workshops, seminars, and briefing sessions led by international trade experts. The goal is to ensure that the sector fully leverages the strategic benefits of the FTA and strengthens its competitiveness globally.