Silver jewellery is set to play a major role in boosting India’s gem and jewellery exports to the UK. This development comes under the newly signed India-UK Free Trade Agreement (FTA), also known as CETA.

In 2024, India exported $941 million worth of gems and jewellery to the UK, against imports of $2.7 billion. This resulted in a total bilateral trade in the sector of $3.6 billion. With zero import duties under the FTA, exports are projected to rise to $2.5 billion. This will push overall trade to $6 billion in two years, said GJEPC Executive Director Sabyasachi Ray.

Ray noted that the UK’s large South Asian population, which favours ethnic jewellery, aligns well with Indian exports. Retailers like Malabar Gold and Kalyan Jewellers have already entered the UK market to capitalise on this demand.

He also said Indian jewellers will now be better placed to compete with Hong Kong and Chinese players. Silver jewellery offers strong growth potential, given its high demand in the UK but low current export volumes from India.

On India-US trade talks, Ray expressed optimism. However, he stressed the need for a detailed bilateral trade agreement that covers aspects such as import duties and value-added benefits. This is essential to ensure mutual benefits.

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