The India-Australia Comprehensive Economic Cooperation Agreement (CECA) will boost the bilateral gems and jewellery trade between the nations to USD 1.5 billion and exports to the continent country are likely to double in the next three years, the GJEPC said on Saturday.
"The India-Australia trade agreement is expected to unlock additional trade due to the preferential access accorded towards India's gem and jewellery exports to the island nation. While India-UAE CEPA will build inroads for plain gold jewellery to the Middle East, the CECA with Australia would provide preferential advantage for the studded jewellery sector," the Gem and Jewellery Export Promotion Council (GJEPC) chairman Colin Shah said in a statement.
Australia is one of India's large suppliers of gold and silver bullion, and until recently, it was also a key supplier of diamonds, he noted. "We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers.
We expect the Agreement to boost bilateral gem and jewellery trade from USD 950 million at present to USD 1.5 billion," he stated. India's gem and jewellery exports to Australia are also likely to double from the present USD 300 million in the next three years, he added. India and Australia on Saturday signed an economic cooperation and trade agreement under which Canberra would provide duty-free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. The agreement is likely to be implemented in about four months.