India-Oman CEPA set to quadruple gems and jewellery exports to Oman over next three years

With Oman’s strategic location and stable business environment, the Comprehensive Economic Partnership Agreement (CEPA) also positions the country as a potential gateway for Indian jewellery exports to the GCC, Africa and neighbouring regions, enhancing regional market access

Muscat: The newly-signed India-Oman Comprehensive Economic Partnership Agreement (CEPA) is expected to boost India’s gems and jewellery exports to Oman to over $150 million in the course of the next three years, driven by improved price competitiveness, expanded product offerings, and deeper industry collaboration.

Besides significantly boosting India’s exports to Oman, the CEPA, which abolishes customs duty on imports of gems and jewellery in Oman from India, is expected to strengthen direct trade linkages between the two countries.

The agreement was signed in Muscat during Prime Minister Narendra Modi’s visit, underscoring the growing strategic and economic importance New Delhi attaches to the Gulf and wider Middle East region. By moving towards a comprehensive trade framework, both countries have signalled their intent to diversify economic engagement and create new avenues for businesses on either side.

From Oman’s perspective, the agreement aligns with its long-term economic diversification strategy aimed at reducing dependence on oil revenues. Improved access to the Indian market, one of the world’s fastest-growing major economies, could open new opportunities for Omani businesses. The pact is also expected to attract greater Indian investment into Oman’s industrial zones, ports and special economic zones, supporting job creation and industrial growth.

According to the Gem & Jewellery Export Promotion Council (GJEPC), India’s gem and jewellery exports to Oman currently stand at $35 million (as per data from 2024). With duty-free access under the CEPA, GJEPC estimates that exports could rise to $150 million over the next three years.

Kirit Bhansali, Chairman, GJEPC, said, “The India-Oman CEPA is a key enabler for strengthening direct trade ties and expanding India’s gem and jewellery exports to Oman. Zero-duty access will significantly improve competitiveness for Indian exporters and encourage direct sourcing. We see strong growth opportunities for polished diamonds and gold jewellery, along with emerging demand for silver, platinum and imitation jewellery. With this framework, exports to Oman can scale from $35 million to around $150 million over the next three years.”

India is already Oman’s largest supplier of gold jewellery, particularly 22-carat wedding and traditional designs, with exports recording a strong growth of 80.11% in 2024-25, reflecting deep trust in Indian craftsmanship.

The CEPA is also expected to encourage manufacturing, design collaboration and investment partnerships. Oman’s strengths in traditional silver jewellery, combined with India’s scale, technology, and skilled workforce, present opportunities for joint product development and value-added manufacturing.

With Oman’s strategic location and stable business environment, the CEPA also positions the country as a potential gateway for Indian jewellery exports to the GCC, Africa and neighbouring regions, enhancing trade efficiency and regional market access.

The industry is confident that a more seamless flow of goods, services and talent between India and Oman will translate into better competitiveness for Indian jewellers and greater choice and value for consumers in both countries.
This is the first bilateral agreement that Oman has signed with any country since it signed a deal with the US in 2006.

Retail Jeweller ME News