Amid the Middle East crisis, the first shipment of gold jewellery from Kolkata to Oman under the India-Oman Comprehensive Economic Partnership Agreement (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, Gems and Jewellery Export Promotion Council (GJEPC) Eastern Region Chairman, and senior Customs officials.

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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. The pact also covers services and investment.

Industry estimates suggest India’s gems and jewellery exports to Oman, currently valued at around USD 35 million, including nearly USD 10 million worth of gold jewellery, could increase to about USD 150 million over the next three years on the back of improved market access and rising demand for Indian jewellery.

GJEPC Chairman Kirit Bhansali said the industry had already witnessed the benefits of India’s trade agreements, particularly the India-UAE CEPA and the India-Australia ECTA, in expanding market access and creating new opportunities for exporters.

“Despite geopolitical uncertainties and the challenges posed by evolving tariff regimes during FY 2025-26, the gems and jewellery sector delivered exports of nearly USD 28 billion, reflecting the resilience of the industry and the benefits of market diversification,” he said.

Bhansali expressed confidence that the India-Oman CEPA would further strengthen India’s presence in the Gulf region and open new avenues for export growth. He also thanked the Centre for its efforts in securing trade agreements that support the growth and global competitiveness of the industry.

Parekh said the first shipment from Kolkata highlighted the growing role of eastern India in the country’s gems and jewellery export ecosystem.

He said direct duty-free access to the Omani market would eliminate the need for costly routing through the UAE, making Indian jewellery more competitive while enabling faster deliveries and greater efficiency.

“The agreement opens up new business opportunities for exporters from the region, and we expect this development to encourage more companies to explore Oman and the wider Gulf market,” Parekh said.

Courtesy: The Print