Bengaluru, 28th July 2025: Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Sir Keir Starmer signed the landmark India-UK Free Trade Agreement (FTA) today 24th July 2025 at Chequers, the official country residence of the British Prime Minister. Mr. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was present at the ceremony as part of a special 20-member business delegation led by Hon’ble PM to UK.

The FTA is set to transform bilateral trade between the two nations, with nearly 99% of Indian exports gaining zero-duty access to the UK market. The pact is expected to significantly boost Indian gem exports across key sectors, especially plain gold and gemstone studded jewellery.

In 2024, India exported gems and jewellery worth $941 million to the UK, while imports from there stood at $2.7 billion, bringing bilateral trade in the sector to $3.6 billion. Under the FTA, this trade is projected to nearly double, with Indian gem & jewellery exports to the UK set to touch $2.5 billion and bilateral trade in the sector expected to hit $7 billion in two years’ time.

The elimination of import tariffs will enhance the global competitiveness of ‘Made in India’ gems and jewellery, creating fresh opportunities for manufacturers, MSMEs, and crating jobs for skilled artisans across the country.

Commenting on the landmark agreement, Kirit Bhansali, Chairman, GJEPC said, “It was an immense privilege to witness the historic signing of the India–UK Free Trade Agreement — a transformative milestone under the visionary leadership of Hon’ble PM Shri Narendra Modi. This landmark accord unlocks exciting new opportunities for the gem and jewellery sector. Currently, exports to the UK stand at USD 941 million; with the duty concessions in place, this figure is poised to surge to USD 2.5 billion within the next three years, elevating overall bilateral trade in our sector to an estimated USD 7 billion.

What is particularly encouraging is that recent FTAs—including this one—are being forged with key consumer markets across diverse sectors. The Gem & Jewellery Export Promotion Council (GJEPC) has proactively collaborated with the Government to ensure that our industry receives the strategic focus and priority it truly deserves.

It was both a matter of pride and honor to be part of the Prime Minister’s Indian business delegation and to present the book, Gem of a Partnership, to Hon’ble PM Shri Narendra Modi and UK PM Sir Keir Starmer. The book highlighted the immense potential of India–UK gem and jewellery trade. Additionally, it was a distinguished honor to showcase the exquisite ‘Indian Crafts Reimagined’ jewelry collection at the UK–India Reception. The collection beautifully represented iconic traditional arts such as filigree, Kashmiri architecture, Meenakari, enamelling, and Warli, embodying our Hon’ble PM’s inspiring ‘Design in India’ vision for the jewellery sector.”

GJEPC is actively working to support its members through this evolving trade landscape by hosting awareness sessions, webinars, and seminars led by international trade experts for ensuring that the industry maximises the long-term benefits of this India-UK partnership.

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The most significant highlight of the delegation was the signing of three Memorandum of Understanding (MoUs) on the opening day of the Bangkok Gem and Jewelry Fair (BGJF) on 22nd February 2025. These landmark agreements were signed in a grand ceremony in the presence of key Thai industry stalwarts and highlighted the commitment of both countries to fostering long-term cooperation in the gems and jewellery sector. 

The MoUs were signed as follows: 

• GJEPC’s Indian Institute of Gems and Jewellery Research and Laboratories Centre (IIGJ-RLC) with GIT Thailand.
• Jewellers Association Jaipur with Chanthaburi Gem and Jewellery Traders Association.
• Sitapura Gems and Jewellery Industry Association (SGJIA) with Thai Silver Exporter Association (TSEA).

Talking bout the MoU between GJEPC’s Indian Institute of Gems and Jewellery Research and Laboratories Centre (IIGJ-RLC) with GIT Thailand, Dr Nawal Agarwal, Chairman, IIGJ Jaipur & Director, IIGJ-RLC, said, “The MoU between IIGJ-RLC and GIT marks a significant step toward harmonizing gemstone standardization, fostering joint research, and enhancing knowledge exchange. By working together, India and Thailand are ensuring higher levels of trust, transparency, and excellence in the global gem and jewellery industry.” – Dr. Nawal Agarwal, Chairman, IIGJ Jaipur & Director, IIGJ-RLC.”

Dr. Agarwal also invited Thai associations to participate in the upcoming International Gem & Jewellery Show in Jeddah (Saudijex) this September, proposing a dedicated Thai Pavilion to further strengthen trade ties and foster new avenues of collaboration between India and Thailand.

Commenting on the MoU between Jewellers Association Jaipur and Chanthaburi Gem & Jewelry Traders Association Mr Alok Sonkhia, President, Jewellers Association Jaipur, said, “”The MoU between Jewellers Association Jaipur and Chanthaburi Gem & Jewelry Traders Association will strengthen the coloured gemstone trade between India and Thailand. Through knowledge exchange, expanded trade opportunities, and joint participation in global events, this partnership will enhance market reach, support industry growth, and solidify both nations’ roles as key players in the international gemstone sector.”

Speaking about the MoU between Sitapura Gems and Jewellery Industry Association and Thai Silver Exporters Association, Mr Arvind Gupta, President, Sitapura Gems and Jewelelry Industry Association said, “”The collaboration between Sitapura Gems and Jewellery Industry Association and Thai Silver Exporters Association will boost the silver jewellery trade by fostering innovation, design excellence, and market expansion. This partnership paves the way for greater global recognition of silver jewellery while creating new business opportunities for artisans and exporters in both India and Thailand.”

The delegation focused on establishing long-term ties across multiple areas, including laboratories, institutes, trade, manufacturing, and more. Delegates engaged in a series of productive meetings and site visits aimed at building synergies between the two nations’ gem and jewellery industries.

Key meetings were held with leading Thai institutions, including the Gem and Jewelry Institute of Thailand (GIT), a public organization under Thailand’s Ministry of Commerce. Discussions with GIT centered on streamlining laboratory processes on both sides, achieving mutual recognition of certifications, developing joint skilling courses, and facilitating student and faculty exchange programs. These steps aim to enhance the skill sets of professionals in both countries and promote international standards.

Further, the delegation met with the Thai Gem and Jewellery Traders Association (TGJTA) to discuss creating gemstone sourcing platforms, promoting the coloured gemstone trade, and building technological connections to bridge trade between both nations. The collaboration also extended to the Thai Silver Exporters Association (TSEA), where key discussions focused on joint manufacturing ventures, technology sharing, and design innovation. Meetings with the Chanthaburi Gem and Jewellery Traders Association (CGTA) explored the possibility of creating a joint conglomerate for coloured gemstones, enhancing collaboration in the global market.

Another significant aspect of the visit was the mutual interest in participating in each other’s trade shows. The delegation extended an invitation to Thailand to hold a pavilion at key Indian events such as the IIJS Mumbai, JAS, and JAGS Jaipur, while also inviting a buyer delegation from Thailand to participate in these shows in India.

This visit comes on the heels of a high-level delegation from Thailand, led by GIT, visiting Jaipur in November 2024. The India-Thailand collaboration is now poised to shape the future of the global gems and jewellery industry, unlocking vast opportunities for mutual growth, technological exchange, and the promotion of Indian and Thai gems and jewellery products worldwide.

The post India-Thailand Strengthen Gem & Jewellery Trade with Key MoUs at Bangkok Gem and Jewelry Fair 2025 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.