1st gold jewellery shipment from Kolkata to Oman sent under India-Oman CEPA

Amid the Middle East crisis, the first shipment of gold jewellery from Kolkata to Oman under the India-Oman CEPA was dispatched on Thursday, officials said. This marked the commencement of direct duty-free exports from eastern India to the Gulf nation.  

Kolkata-based jewellery manufacturer Wonder Jewels exported the maiden consignment via air cargo, which was flagged off in the presence of Pankaj Parekh, GJEPC Eastern Region Chairman, and senior Customs officials. The shipment comes days after the India-Oman CEPA came into force on June 1, providing duty-free access for Indian gold jewellery and diamonds in the Omani market and enhancing the competitiveness of Indian exporters.

The treaty also provides duty-free market access for a wide range of Indian products including textiles, leather, engineering goods, pharmaceuticals and agricultural products, while covering services and investment.  Industry estimates suggest India's gems and jewellery exports to Oman, currently valued at around $35 mn could increase to about $150 mn over the next three years on the back of improved market access and rising demand for Indian jewellery.