Business News | India Eyes New Export Opportunities in Lab-grown Diamonds, Heritage Jewellery Under FTAs
Get latest articles and stories on Business at LatestLY. India is looking to expand exports of lab-grown diamonds, coloured gemstones and heritage jewellery by tapping preferential market access under its Free Trade Agreements (FTAs), the Commerce Ministry said on Saturday.
New Delhi [India], October 17 (ANI): India is looking to expand exports of lab-grown diamonds, coloured gemstones and heritage jewellery by tapping preferential market access under its Free Trade Agreements (FTAs), the Commerce Ministry said on Saturday.
The opportunities were highlighted during the Department of Commerce's "Leveraging FTAs" outreach programme in Jaipur, aimed at helping exporters benefit from India's trade agreements.
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According to the ministry's release, India ranks eighth among global gems and jewellery exporters, accounting for 2.9 per cent of the USD 1 trillion global market.
A presentation by Joint Director General of Foreign Trade, Jaipur, Md Moin Afaque, identified export opportunities in lab-grown diamond jewellery, coloured gemstones, Kundan-Meenakari heritage jewellery, smart and wearable jewellery, recycled gold jewellery and pearls.
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The presentation also highlighted potential duty-free market access under India's recently concluded trade agreements, depending on their provisions and implementation status.
The ministry said the programme focused on "identifying export-ready products, understanding tariff preferences and rules of origin, meeting quality and certification requirements, and strengthening connections with overseas buyers."
India's trade agreements with partners including the UAE, Australia, European Free Trade Association (EFTA) countries and the United Kingdom offer opportunities for exporters to enter new markets.
These opportunities are particularly relevant for Rajasthan, a major centre for gems and jewellery production.
The ministry said the initiative seeks to help businesses "translate preferential market access under FTAs into export opportunities through targeted information, capacity building, practical guidance and coordination."
However, exporters must meet quality standards, certification requirements and rules of origin to avail themselves of tariff benefits.
The programme, addressed by Commerce Ministry Joint Secretary Mohit Yadav, brought together exporters, government representatives and industry bodies to discuss opportunities and challenges in accessing overseas markets. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)