New Delhi, April 27 -- Gems and Jewellery Export Promotion Council (GJEPC) on Monday welcomed the signing of the India-New Zealand Free Trade Agreement (FTA), saying the pact is expected to significantly boost India's gem and jewellery exports with zero-duty access to the market.

India's current gem and jewellery exports to New Zealand stand at around USD 16.61 million, which the industry body expects to rise sharply to nearly USD 50 million over the next three years under the agreement.

"In today's turbulent global environment, India's continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets and reduce overdependence on any single geography such as the US or regions like...