Bilateral trade between India and Oman is expected to get a boost following a Comprehensive Economic Partnership Agreement (CEPA) that abolishes customs duty on imports of gems and jewellery.

The deal is expected to significantly bolster India’s exports to Oman and strengthen direct trade between the two countries, according to the Gem & Jewellery Export Promotion Council (GJEPC).

India’s gem and jewellery exports to Oman reached US$35 million in 2024. With duty-free access under the CEPA, GJEPC said exports could rise to US$150 million over the next three years, driven by improved price competitiveness, expanded product offerings and deeper industry collaboration.

Kirit Bhansali, chairman of GJEPC, said, “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.”

India is already Oman’s largest supplier of gold jewellery, particularly 22-carat bridal jewellery, with exports recording a strong growth of 80.11 per cent in 2024 and 2025.

The CEPA is also expected to support India’s “Make in India” policy by encouraging 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, said GJEPC.

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, continued the council.