New Deal Promises an Increase of India’s Jewelry Exports to UAE
Under a new deal – the India-UAE Comprehensive Economic Partnership Agreement (CEPA) – import duties on jewelry exported to the UAE from India will be slashed from 5% to zero.
This move, according to Rough & Polished, will boost India’s jewelry exports to the United Arab Emirates to $10 billion annually. In addition, import of up to 120 tonnes gold to India from the UAE will be levied 1% duty in the first year, and the amount of imported gold will increase to 200 tonnes in five years.
According to the report, the CEPA deal “will strengthen business ties with one of the biggest buyers of Indian jewelry [… and] reinvigorate Indian plain gold and studded jewelry exports to the largest consuming nation, accounting for 26% gem and jewelry exports.”