Mumbai: The first jewellery export consignments from Mumbai to the United Kingdom under the India–UK Comprehensive Economic and Trade Agreement were flagged off from Bharat Diamond Bourse and SEEPZ-SEZ.
The event was part of a nationwide initiative held across Delhi, Surat, Jaipur, Chennai and Kolkata to mark the beginning of jewellery exports under the new trade agreement.
At PCCC Customs, Bharat Diamond Bourse, the ceremony was attended by Santosh Kumar, Commissioner of Customs, Mumbai; Vishwajeet Chimankar, Deputy Director General of Foreign Trade; and Shaunak Parikh, Vice Chairman, Gem and Jewellery Export Promotion Council.
Malabar Gold & Diamonds Pvt. Ltd., Shree Ramkrishna Exports and Venkatesh Jewellers participated in the flag-off from Bharat Diamond Bourse.
A separate ceremony was held at SEEPZ-SEZ in the presence of Dnyaneshwar Patil, Development Commissioner, SEEPZ; Mayur R. Mankar, Joint Development Commissioner, SEEPZ-SEZ; Bharat Ghori, Co-Convener, MSME, GJEPC; Vijay Gujarati, Vice President, SEEMA; and Adil Kotwal, President, SGJMA.
Exporters from SEEPZ included Fine Jewellery, Kama Jewellery Pvt. Ltd., Suashish Diamonds Ltd., S. Vinodkumar Diamonds Pvt. Ltd., IDI Jewels (India) Manufacturing Pvt. Ltd., Goldstar Jewellery Pvt. Ltd. Unit III, Supergems Jewellery Mfg. Co. Pvt. Ltd., Zenstar Jewellery LLP and Steckbeck Jewelry.
Under the India–UK CETA, UK import duties of up to 4% on Indian gem and jewellery products will be removed. This will provide Indian exporters with zero-duty access to the UK jewellery market.
Santosh Kumar, Commissioner of Customs, Mumbai, said Customs would support exporters through faster clearances, lower dwell time and smoother trade procedures.
Dnyaneshwar Patil, Development Commissioner, SEEPZ, said the removal of import duty would make Indian jewellery more competitive in the UK. He added that exports to the UK, currently estimated at around ₹3,000 crore, could increase to nearly ₹6,000 crore over time.
Kirit Bhansali, Chairman, GJEPC, said India’s gem and jewellery exports to the UK could rise from around US$754 million to nearly US$2.5 billion over the next three years.
Shaunak Parikh, Vice Chairman, GJEPC, said Mumbai’s diamond trading, jewellery manufacturing and export infrastructure would help the city benefit from the agreement.
The trade deal is also expected to support jewellery manufacturers, exporters, MSMEs and artisans in Maharashtra by improving access to the UK market.
With the first consignments now dispatched, exporters will look to expand their presence in the UK across diamond jewellery, fine jewellery, bridal jewellery and other value-added categories.
