The India-EU Free Trade Agreement has ignited hope in India’s $80 billion gems and jewelry industry, promising a 20% export leap to Europe. Experts from Surat, the world’s diamond cutting capital, predict transformative gains from steep tax reductions.
In an exclusive interview, Surat Diamond Association chief Jagdish Khunt praised the timing. ‘Taxes dropping to 0-3% from 10% opens floodgates for our products in Europe,’ he explained. This comes as the sector exports ₹91,000 crore annually to the region.
Indian Diamond Institute Chairman Dinesh Nawadia views it as rocket fuel. ‘This FTA will propel our industry forward, capitalizing on Europe’s demand for premium Indian craftsmanship.’ Projections show robust growth, easing pressures from recent market slumps.
Expanding horizons, Dr. Vaibhav Garg of Meril Group emphasized medtech benefits. ‘Access to 50 crore high-value customers in 27 EU countries will boost exports and self-reliance.’ Echoing PM Modi, he called it the ‘mother of all deals.’
As the agreement takes shape, it symbolizes India’s strategic trade pivot. Industry voices unite: this is the catalyst for renewed vigor, positioning India as a global trade powerhouse.