(PRESS RELEASE) MUMBAI — The Gem & Jewellery Export Promotion Council (GJEPC) welcomes the elimination of import duties on Indian gem and jewellery products under the India-EU Free Trade Agreement (FTA). This removes 2-4% duties on precious jewellery, unleashing huge export potential with the 27-member EU bloc—home to the world’s elite buyers. India’s gem and jewellery exports accounted for USD 30 billion in CY 2024. Bilateral trade with the EU reached USD 5.2 billion, with exports at USD 2.7 billion (8.92% of total) and imports at USD 2.5 billion. EU jewellery imports from India remain limited at USD 628 million, of which USD 573 million is precious jewellery and USD 55 million is fashion (imitation) jewellery—these currently attract 2-4% duties— leaving the market dominated by non-FTA competitors.