India, UK Seal FTA to Boost $7 Bn Gem & Jewellery Trade

Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Sir Keir Starmer signed a landmark India–UK Free Trade Agreement (FTA) on 24th July 2025 at Chequers, the official residence of the British Prime Minister. The agreement opens the door to significant trade expansion, especially for the gem and jewellery sector.

Mr. Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), was among a distinguished 20-member Indian business delegation accompanying PM Modi for the historic signing. During the event, a commemorative book titled “Gem of a Partnership – India–UK FTA”, curated by GJEPC, was presented to both Prime Ministers, emphasizing the transformative potential of the pact.

The FTA ensures nearly 99% of Indian exports to the UK will enjoy zero-duty access, giving a major boost to India’s gem and jewellery trade, especially in plain gold and gemstone-studded jewellery segments. In 2024, India exported gems and jewellery worth $941 million to the UK, while imports from the UK stood at $2.7 billion. With this agreement, Indian exports are expected to rise to $2.5 billion, pushing overall bilateral trade in the sector to $7 billion within two years.

Mr. Bhansali remarked that this FTA is a game-changer under PM Modi’s visionary leadership, unlocking expansive opportunities for Indian manufacturers and MSMEs, while also creating skilled jobs across the country. He highlighted the proactive collaboration between GJEPC and the Indian Government in securing strategic focus for the sector across global FTAs.

Additionally, Mr. Bhansali noted the pride of presenting “Gem of a Partnership” and showcasing the ‘Indian Crafts Reimagined’ jewellery collection at the UK–India Reception. This collection featured traditional Indian art forms such as filigree, Meenakari, Warli, enamelling, and Kashmiri architecture, aligning with the ‘Design in India’ initiative championed by PM Modi.

To help members navigate this new trade era, GJEPC is organizing webinars, awareness sessions, and workshops with trade experts, ensuring Indian exporters maximize benefits from this landmark FTA.