The India-New Zealand Free Trade Agreement is expected to open fresh opportunities for India’s gem and jewellery sector by improving price competitiveness and market access. The agreement offers a tariff advantage of up to 2.5% across several product lines, including gems and jewellery, strengthening India’s position in the New Zealand market.
Commenting on the development, Kirit Bhansali, Chairman, GJEPC, said, “The India-New Zealand FTA is a significant step forward for India’s gem and jewellery sector. The agreement enhances India’s competitiveness in the New Zealand market by extending tariff advantage of up to 2.5% for various product lines including gem and jewellery. We see strong potential to scale India’s gems and jewellery exports to New Zealand from $16.61 million in 2024 to $50 million over the next three years, strengthening India’s footprint in this important market.”
With the FTA now in place, industry estimates suggest exports could more than triple over the next three years, driven by improved pricing, wider product reach and stronger buyer engagement. The agreement is also expected to encourage Indian exporters to deepen relationships with New Zealand retailers and explore long-term partnerships in the market.
The FTA aligns with the Indian Government’s broader strategy of using trade agreements to diversify export destinations and reduce reliance on a few large markets, while creating stable, policy-backed growth avenues for the gem and jewellery industry.
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