New Delhi [India], April 27 (ANI): Gems and Jewellery Export Promotion Council (GJEPC) on Monday welcomed the signing of the India-New Zealand Free Trade Agreement (FTA), saying the pact is expected to significantly boost India's gem and jewellery exports with zero-duty access to the market.

India's current gem and jewellery exports to New Zealand stand at around USD 16.61 million, which the industry body expects to rise sharply to nearly USD 50 million over the next three years under the agreement.

'In today's turbulent global environment, India's continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets and reduce overdependence on any single geography such as the US or regions like the GCC,' said Kirit Bhansali, Chairman, GJEPC.

'The India-New Zealand FTA, following the Australia agreement, is a timely step in this direction... with zero-duty access under the agreement, we expect this to grow to nearly USD 50 million over the next three years,' he added.

The council noted that New Zealand's high per capita jewellery consumption offers strong growth potential for Indian exporters. It also highlighted that the agreement gives India a 'clear duty advantage over key competitors such as China and Thailand,' which is expected to improve competitiveness and expand market share.

The FTA is likely to benefit multiple segments, including gold, silver, platinum, studded, contemporary and fashion jewellery, while also supporting employment generation across key manufacturing hubs such as Gujarat, Maharashtra, Rajasthan and West Bengal.

'Importantly, this FTA is not just an export opportunity, but also a platform for deeper economic engagement and investment, supporting a more balanced and resilient growth trajectory for the sector,' Bhansali said.

The GJEPC further said the agreement opens avenues to leverage the Indian diaspora in New Zealand, expand retail presence through local partnerships, and strengthen long-term trade ties in the Oceania region.

Recent Indian investments in New Zealand's jewellery retail segment also point to strong long-term growth potential, with the FTA expected to further accelerate bilateral trade and investment flows, the council added. (ANI)