First consignment of jewellery sent to Aus

Surat: The first consignment to be exported to Australia under the India-Australia Economic Cooperation and Trade Agreement (ECTA) contained diamond-studded jewellery worth over $40,000 manufactured in the city. The consignment was sent on Thursday by Salim Daginawala, president of Surat Jewellers Association, to his associates in Australia. “The FTA will benefit Indian exporters, especially gem and jewellery exporters because of the abolishment of 5 per cent duty. Now, we can compete directly with other Asian countries like China, Hong Kong that have similar FTA with Australia,” said Daginawala.
In a formal ceremony to flag off the first consignment, government officials, office-bearers of Gems and Jewellery Promotion Council (GJEPC) and business representatives were present. The ECTAis a free trade agreement (FTA) that came into force on December 29. Under the agreement, there will be 0% duty on jewellery products made up of gold and silver and imitation jewellery exported to Australia. The pact is expected to double the bilateral gem and jewellery trade from present trade value of US $1.27 billion to US $2.5 billion over next 3 years, said GJEPC officials. Indian exports will benefit from preferential zero duty market access in Australia for 100% of its tariff lines while India has provided preferential access to Australia on over 70% of its tariff lines. At the event, development commissioner of Surat SEZ, Virendra Singh; joint director general of foreign trade Abhimaniu Sharma; additional commissioner (customs) Abhilash Sreenivasan; regional chairman of GJEPC, Vijay Mangukiya; and chairman of Indian Diamond Institute (IDI), Dinesh Navadiya, were present. “Gujarat is the biggest contributor to exports from India and ECTA will be an additional force in Gujarat and especially Surat to reach the pinnacle in exports,” said Singh.
“It is a proud moment for Surat and for the customs of Surat to handle the first-ever export under ECTA from Surat,” said Sreenivasan.
“ECTA will help unlock India’s export potential to a major growth market of the future,” said Sharma.