New Delhi: The India–New Zealand Free Trade Agreement expected to significantly boost gems and jewellery exports, with industry estimates projecting a rise to $50 million over the next three years, said an apex industry body on Monday.
The agreement, which was signed on Monday, provides zero-duty access for Indian exports to New Zealand and is being seen as a strategic step to diversify India’s export markets, according to the Gem & Jewellery Export Promotion Council (GJEPC).
Domestic gem and jewellery exports to New Zealand currently stand at around $16.61 million, and with improved market access under the FTA, the figure is projected to rise threefold over the next three years, according to the apex industry body.
GJEPC Chairman Kirit Bhansali said: “In today’s turbulent global environment, India’s continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets and reduce overdependence on any single geography, such as the US or regions like the GCC.”
According to him, the FTA, following the Australia agreement, is a timely step in this direction.
“India’s gems and jewellery exports to New Zealand currently stand at around $16.61 million, and with zero-duty access under the agreement, we expect this to grow to nearly $50 million over the next three years,” he added.
He said New Zealand, with its high per capita jewellery consumption, presents strong potential for Indian exporters, while the duty advantage over competitors such as China and Thailand is expected to improve India’s market share across multiple jewellery categories.
The council also highlighted that the agreement is likely to support employment generation across key manufacturing hubs in Gujarat, Maharashtra, Rajasthan, and West Bengal, while strengthening retail and investment linkages in the region through diaspora and local partnerships.
Recent Indian investments in New Zealand’s jewellery retail segment further indicate growing bilateral engagement, with the FTA expected to support both export expansion and long-term economic cooperation.
India and New Zealand signed the historic FTA on Monday.
The agreement was signed under the leadership of Prime Minister Narendra Modi and his New Zealand counterpart, Chris Luxon.
(IANS)
