India-Oman CEPA set to quadruple gems and jewellery exports to Oman over next three years
The newly-signed India-Oman Comprehensive Economic Partnership Agreement (CEPA) is expected to boost the gems and jewellery sector’s exports to Oman to over $150 million in the course of the next three years, driven by improved price competitiveness, expanded product offerings, and deeper industry collaboration.
Besides significantly boosting India’s exports to Oman, the CEPA, which abolishes customs duty on imports of gems and jewellery in Oman from India, is expected to strengthen direct trade linkages between the two countries.
According to the Gem & Jewellery Export Promotion Council (GJEPC),India’s gem and jewellery exports to Oman currently stand at $35 million (as per data from 2024). With duty-free access under the CEPA, GJEPC estimates that exports could rise to $150 million over the next three years.
Kirit Bhansali, Chairman, GJEPC, said, “The India-Oman CEPA is a key enabler for strengthening direct trade ties and expanding India’s gem and jewellery exports to Oman. Zero-duty access will significantly improve competitiveness for Indian exporters and encourage direct sourcing. We see strong growth opportunities for polished diamonds and gold jewellery, along with emerging demand for silver, platinum and imitation jewellery. With this framework, exports to Oman can scale from $35 million to around $150 million over the next three years.”
India is already Oman’s largest supplier of gold jewellery, particularly 22-carat wedding and traditional designs, with exports recording a strong growth of 80.11% in 2024-25, reflecting deep trust in Indian craftsmanship.
The CEPA is also expected to support the ‘Make in India’ initiative by encouraging manufacturing, design collaboration and investment partnerships. Oman’s strengths in traditional silver jewellery, combined with India’s scale, technology, and skilled workforce, present opportunities for joint product development and value-added manufacturing.
With Oman’s strategic location and stable business environment, the CEPA also positions the country as a potential gateway for Indian jewellery exports to the GCC, Africa and neighbouring regions, enhancing trade efficiency and regional market access.
Meanwhile, Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC) said that as an industry, the India-Oman FTA is a transformative opportunity that will boost exports, deepen market access, and create meaningful jobs along the entire gems and jewellery value chain. “By lowering trade barriers and providing a stable, predictable framework for bilateral commerce, this pact will encourage fresh investment, support the growth of MSME jewellers, and strengthen India’s position as a global jewellery hub,” Rokde said.
The industry is confident that a more seamless flow of goods, services and talent between India and Oman will translate into better competitiveness for Indian jewellers and greater choice and value for consumers in both countries, Rokde added.
This is the first bilateral agreement that Oman has signed with any country since it signed a deal with the US in 2006.
Source: https://retailjewellerindia.com