The newly signed India-Oman Comprehensive Economic Partnership Agreement (CEPA) abolishes customs duties on gems and jewellery exports to Oman. Industry body GJEPC projects exports to rise from $35 million to $150 million within three years, driven by improved competitiveness, expanded product offerings, and stronger bilateral trade ties between the two nations.
India’s gem and jewellery industry has warmly welcomed the signing of the India-Oman CEPA, a landmark trade agreement that promises to significantly enhance bilateral commerce. By eliminating customs duties on gems and jewellery exports, the pact provides Indian exporters with zero-duty access to Oman’s market, strengthening India’s footprint in the Gulf region.
According to the Gem & Jewellery Export Promotion Council (GJEPC), India’s current exports to Oman stand at $35 million (2024). With the CEPA framework, this figure is expected to quadruple to $150 million in the next three years, supported by competitive pricing, diversified product portfolios, and deeper industry collaboration.
The agreement was signed in Muscat by Commerce Minister Piyush Goyal and Oman’s Qais bin Mohammed Al Yousef, in the presence of Prime Minister Narendra Modi and Sultan Haitham bin Tarik. Beyond gems and jewellery, the CEPA also covers textiles, leather, engineering goods, and pharmaceuticals, reinforcing India’s broader Gulf trade strategy.
Major Takeaways
Zero Duty Access: Customs duties abolished for gems and jewellery exports to Oman.
Export Growth: Industry expects rise from $35M to $150M in three years.
Sectoral Impact: Boost for polished diamonds, gold, silver, platinum, and imitation jewellery.
Strategic Diplomacy: Strengthens India’s economic footprint in the Gulf region.
Broader Coverage: CEPA also benefits textiles, leather, engineering, and pharma sectors.
Conclusion
The India-Oman CEPA marks a turning point for India’s gem and jewellery industry, offering both economic opportunity and strategic depth. With duty-free access and stronger bilateral ties, the sector is poised to sparkle brighter in global markets.
Sources: The Hindu Business Line, Rediff Money, CNBCTV18.