India, NZ FTA: The Gem & Jewellery Export Promotion Council (GJEPC) has hailed the landmark signing of the India–New Zealand FTA on 27 April 2026 as a transformative milestone. By securing zero-duty access, the council has set an ambitious target to triple India’s gem and jewellery exports to New Zealand, moving from the current USD 16.61 million to USD 50 million within the next three years.
This strategic agreement arrives at a critical juncture, providing Indian exporters with a competitive edge in a high-spending market and reducing the industry’s historical reliance on traditional hubs like the US and the GCC.
Strategic Diversification and Competitive Edge
According to Mr. Kirit Bhansali, Chairman of GJEPC, the FTA is a timely move to safeguard Indian interests in a “turbulent global environment.” The agreement offers several strategic advantages:
- Zero-Duty Advantage: India now holds a significant price advantage over major competitors like China and Thailand.
- High Per Capita Consumption: New Zealand’s affluent consumer base presents a lucrative opportunity for high-end Indian craftsmanship.
- Regional Synergy: Together with Australia and Fiji, New Zealand completes a powerful “Oceania Corridor” for Indian trade diversification.
“This FTA is not just an export opportunity, but also a platform for deeper economic engagement and investment, supporting a more balanced and resilient growth trajectory for the sector.” > — Mr. Kirit Bhansali, Chairman, GJEPC
Boosting Local Manufacturing and Employment
The anticipated 200% growth in exports is expected to have a direct positive impact on India’s domestic economy. Improved market access across categories—including gold, silver, platinum, couture, and fashion jewellery—will fuel production in major hubs:
- Gujarat
- Maharashtra
- Rajasthan
- West Bengal
This surge in demand is projected to generate significant employment opportunities throughout these manufacturing centers, sustaining thousands of skilled artisans and professionals.
Leveraging Diaspora and Retail Partnerships
The agreement also aims to capitalize on the influential Indian diaspora in New Zealand. Recent Indian investments in New Zealand’s jewellery retail segment indicate a robust appetite for Indian designs. The FTA will facilitate:
- Enhanced Retail Presence: Easier entry for Indian brands through local partnerships.
- Long-term Investment: A framework for bilateral economic ties that go beyond simple trade.
About GJEPC
Established in 1966 by the Ministry of Commerce, the Gem & Jewellery Export Promotion Council (GJEPC) is the apex body representing over 10,900 members. Headquartered in Mumbai, the GJEPC remains the driving force behind India’s position as a global leader in the gem and jewellery trade.
FAQ’s
Q1. What is the significance of the India–New Zealand FTA for the gem and jewellery sector?
The FTA is a major milestone for India’s gem and jewellery industry as it provides zero-duty access to the New Zealand market. This significantly enhances export competitiveness and opens new growth opportunities for Indian exporters in a high-value international market.
Q2. What export target has been set under this agreement?
The Gem & Jewellery Export Promotion Council (GJEPC) has set an ambitious target to triple exports to New Zealand, increasing them from USD 16.61 million to USD 50 million within the next three years following the implementation of the FTA.
Q3. How does this FTA benefit Indian exporters?
The agreement gives Indian exporters a strong price advantage over competitors such as China and Thailand. It also reduces dependency on traditional markets like the US and GCC, while offering access to New Zealand’s high-spending consumer base.
Q4. What impact will the FTA have on India’s domestic economy?
The expected growth in exports is likely to boost production in key manufacturing hubs such as Gujarat, Maharashtra, Rajasthan, and West Bengal. This will generate significant employment opportunities and support thousands of skilled artisans and workers.
Q5. How will the Indian diaspora contribute to this trade growth?
The Indian diaspora in New Zealand is expected to play an important role by increasing demand for Indian jewellery designs. The FTA will also facilitate stronger retail partnerships and encourage long-term investment in the jewellery retail sector.
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