Kolkata, Jul 15 (PTI) Kolkata on Wednesday flagged off its first jewellery export consignment to the United Kingdom under the India-UK Comprehensive Economic and Trade Agreement (CETA), with six city-based exporters shipping goods worth USD 2.7 million as part of a nationwide inaugural consignment valued at USD 10 million, an official said.
The Kolkata event was part of a simultaneous nationwide flag-off held in Delhi, Mumbai, Surat, Jaipur and Chennai, marking India’s first jewellery exports to the UK under the trade pact, a Gem & Jewellery Export Promotion Council (GJEPC) statement said.
“Today, jewellery worth Rs 27 crore, or USD 2.7 million, made from 21 kg of gold, was flagged off for export to the UK under CETA, which provides the direct benefit of the elimination of the two per cent import duty. The agreement provides zero-duty access to the UK market from the day it enters into force, eliminating UK import tariffs,” GJEPC Eastern Region Chairman Pankaj Parekh said.
The release said the CETA is expected to benefit West Bengal’s gem and jewellery sector through improved market access, value-added manufacturing, employment generation and skill development, while strengthening the participation of artisans, MSMEs and exporters in the state.
The flag-off ceremony was held at the Kolkata Air Cargo Complex in the presence of Industry and Commerce Tapas Roy, CBIC Member Yogendra Garg, Additional Director General of Foreign Trade Chandra Kant Mishra, British Deputy High Commissioner for East and Northeast India Andrew Fleming, and GJEPC Eastern Region Chairman Pankaj Parekh.
Six Kolkata exporters — Jais Jewellery Pvt Ltd, Modern Impex, L Gopal & Sons (Jewellers), AB Jewels Pvt Ltd, JS Jewels Private Limited and Hasmukh Parekh Jewellers — are part of the inaugural USD 10 million shipment from the country comprising gold, diamond, silver and platinum jewellery, it said.
GJEPC Chairman Kirit Bhansali said the agreement gives Indian exporters a significant edge in the UK’s USD 4 billion jewellery import market.
“With zero-duty access, we expect India’s gem and jewellery exports to the UK to increase from around USD 754 million to nearly USD 2.5 billion over the next three years,” he said, crediting the Narendra Modi government with concluding the pact.
Parekh described the agreement as a “transformative opportunity” to showcase Indian craftsmanship in one of the world’s most discerning jewellery markets, adding that Kolkata’s manufacturing legacy positioned it to contribute significantly to the projected growth. PTI BSM NN
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