New Delhi, April 27 -- The Gem & Jewellery Export Promotion Council (GJEPC) has described the India-New Zealand Free Trade Agreement (FTA) as a timely step to expand export opportunities for India's gem and jewellery sector.

India's gem and jewellery exports to New Zealand currently stand at about USD 16.61 million. With zero-duty access under the FTA, exports are projected to rise to nearly USD 50 million over the next three years, according to the industry body.

GJEPC Chairman Kirit Bhansali said, "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 ...