Mumbai, July 15 -- India's gems and jewellery industry is poised for a major boost under the India-UK Free Trade Agreement (FTA), with import duties on Indian jewellery exports to the UK set to be eliminated, improving the sector's competitiveness and creating significant export opportunities, said Santosh Mishra, Customs Commissioner.

Speaking with ANI at an event, Mishra said Indian gems and jewellery exports currently face import duties ranging from 2.5 per cent to 4 per cent in the UK market, which will be reduced to zero under the trade pact.

"The current rate of 2.5% to 4% of the duty which the Indian exports are facing for import into the British market will come down to 0%," he said. With this, Indian gems and jewellery sector w...