The first consignment of jewellery shipped by India to the UAE under the Comprehensive Economic Partnership Agreement (CEPA) was welcomed by private sector gold business leaders on Tuesday.
According to the Indian ambassador to the UAE Sanjay Sudhir, the first shipment of three containers contained around $1 million worth of rare jewels and jewellery.
BVR Subrahmanyam, the commerce secretary, designated the shipment as zero duty from New Delhi. Prior to the implementation of CEPA, importers were subject to a 5% charge. The first clients to import duty-free items saved roughly $50,000 thanks to the new deal.
The consignment was handed over to various heads of private sector gold businesses in Dubai, including KP Salam, vice chairman of Malabar Gold; Chandu Siroya, owner of Siroya Jewellers; and representatives from Jewel One Jewellery LLC, by the Indian Ambassador and Juma Al Kait, assistant undersecretary of foreign trade affairs at the Ministry of Economy.
On Tuesday, Al Kait also announced the establishment of a new portal dedicated solely to the India-UAE CEPA. Businesses and investors that want to benefit from the agreement should go to https://www.moec.gov.ae/en/cepa for more details. A customised dashboard on the website allows traders to select tariffs that best represent their goods.
On Tuesday, May 3, the Indian envoy and UAE officials handed over the valuables at a special ceremony held at the Transguard Headquarters at the Dubai Airport Freezone.
