India's gem and jewellery exports to New Zealand are projected to nearly triple to approximately $50 million over the next three years following the signing of the India-New Zealand Free Trade Agreement (FTA), according to the Gem & Jewellery Export Promotion Council (GJEPC).
Zero-Duty Access Boosts Competitiveness
The industry body stated that the agreement will provide zero-duty access to Indian exporters, granting them a significant competitive advantage in a market with high growth potential. GJEPC chairman Kirit Bhansali described the pact as timely, particularly amid uncertain global trade conditions.
"India's continued push to conclude free trade agreements is helping the gem and jewellery sector diversify export destinations and reduce dependence on any single market such as the US or regions like the Gulf. India's gems and jewellery exports to New Zealand currently stand at around $16.61 million, and with zero-duty access under the agreement, we expect this to grow to nearly $50 million over the next three years," he said.
Strengthening Oceania Footprint
The New Zealand agreement follows a similar pact with Australia and reinforces India's efforts to expand its presence in Oceania. Duty-free access is expected to enhance India's competitiveness against suppliers such as China and Thailand across categories including gold, silver, platinum, studded, contemporary, couture, and fashion jewellery.
Bhansali added, "New Zealand's high per capita jewellery consumption offers fresh opportunities for Indian exporters and could help India gain market share across multiple product segments. Along with Australia and Fiji, New Zealand is expected to become an important destination for export diversification in the region."
Employment and Manufacturing Boost
According to GJEPC, improved market access under the FTA is likely to support India's manufacturing base and generate employment in major jewellery hubs, including Gujarat, Maharashtra, Rajasthan, and West Bengal. The council noted that India's ability to produce a wide range of jewellery products positions the sector well to capitalize on the agreement.
Tapping the Indian Diaspora
The trade body also highlighted that the FTA could help Indian companies tap the Indian diaspora in New Zealand, build stronger retail networks through local partnerships, and expand long-term trade and investment ties in Oceania.
Broader Export Strategy
Industry stakeholders view the agreement as part of a broader strategy to widen India's export reach and strengthen resilience against volatility in traditional markets. With tariff barriers removed, exporters are expected to step up shipments and establish a stronger presence in New Zealand's jewellery market.
