The India-Oman Comprehensive Economic Partnership Agreement (CEPA) has come into force on 1 June 2026, ushering in a new phase in bilateral trade relations and creating fresh export opportunities across sectors including gems and jewellery, engineering goods, textiles, agriculture, pharmaceuticals and services.
Signed on 18 December 2025 following negotiations launched in November 2023, the agreement grants India duty-free market access across 98.08% of Oman’s tariff lines, covering 99.38% of the value of India’s exports to the Gulf nation. Bilateral merchandise trade between India and Oman stood at USD 11.18 billion in FY2025-26, up from USD 10.61 billion a year earlier.
Positioned as a gateway to the GCC, Middle East and East Africa, Oman is expected to play a larger role in India’s export strategy under the pact. Speaking at the operationalisation ceremony, Hon’ble Commerce & Industry Minister Shri Piyush Goyal said the agreement deepens economic ties with “one of our most trusted partners in the Middle East” and urged exporters to seize the opportunity created by the new duty-free window.
For the gem and jewellery industry, the CEPA delivers immediate gains. Duties on Indian gem and jewellery products entering Oman, previously as high as 5%, have been eliminated, improving the competitiveness of cut and polished diamonds, gold and silver jewellery, while opening additional opportunities in platinum and imitation jewellery.
India’s annual global exports of gems and jewellery are valued at around USD 29 billion, while Oman imports approximately USD 1.07 billion worth of gems and jewellery annually. India’s gem and jewellery exports to Oman stood at about USD 25.78 million in 2025, indicating significant headroom for growth.
The agreement is also expected to streamline trade routes for jewellery exporters. During the launch event, industry representatives noted that many consignments to Oman had traditionally been routed through Dubai, adding logistics costs and time. Direct duty-free access is expected to encourage direct shipments, improve price competitiveness and strengthen India’s position in the Omani market.
Asian Star Group was among the first exporters to move quickly under the new regime, announcing that a USD 100,000 consignment was ready for immediate shipment to Oman following the agreement’s implementation. The development reflects industry readiness to leverage preferential market access from day one.
Speaking during the CEPA flag off ceremony, Vipul Shah, CEO & MD, Asian Star Co. Ltd. and former Chairman, GJEPC, said: “We express our sincere gratitude to the Ministry of Commerce & Industry, the Department of Commerce and all stakeholders involved in successfully operationalising the India-Oman CEPA. We are confident that this agreement will open new avenues for trade, strengthen bilateral economic ties and provide substantial growth opportunities for the Indian gem and jewellery sector.”
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Honoured to be featured in The League Extraordinaire by The New Indian Express Group alongside 32 distinguished leaders. Grateful to Shri Eshwar B. Khandre and Shri Jagadish Shettar for the felicitation, and thankful to everyone who has supported my journey. 🙏✨
2Honoured to be featured in The League Extraordinaire by The New Indian Express Group alongside 32 distinguished leaders. Grateful to Shri Eshwar B. Khandre and Shri Jagadish Shettar for the felicitation, and thankful to everyone who has supported my journey. 🙏✨
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International Yoga Day 2026 was celebrated with great enthusiasm at Bharat Diamond Bourse under the theme "Yoga for Healthy Ageing."
The event brought together members of the gem & jewellery fraternity, highlighting the importance of yoga for wellness, balance, and healthy living
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