India’s plain gold jewellery exports to the United Arab Emirates jumped in May and June after the Gulf state allowed duty free imports from the south Asian country, a leading trade body said on Thursday.
The United Arab Emirates and India signed a broad trade and investment pact in February aiming at increasing annual trade between the two nations to $100 billion within five years.
The Comprehensive Economic Partnership Agreement (CEPA) was implemented from May 1.
India’s plain gold jewellery exports to UAE in May jumped 72% from a year ago to 10.48 billion rupees ($131.16 million), while in June the exports jumped 69% to 145.2 billion rupees, the Gems and Jewellery Export Promotion Council (GJEPC) said.
“Plain gold jewellery exports have been the immediate beneficiary of the India-UAE CEPA,” said Colin Shah, chairman of GJEPC.
India’s gems and jewellery exports in June jumped to $3.24 billion from $2.83 billion a year ago as demand was robust from the United States, Hong Kong and Belgium and Israel, the GJEPC said in a statement.