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The preferential access for the gems and jewellery products in Australia provided through the recently executed India-Australia Comprehensive Economic Cooperation Agreement (CECA) is expected to boost the industry's trade between both countries to $1.5 billion against the current $950 million.

The Government recently signed a similar agreement with the UAE benefitting the gem and jewellery industry.

Key commodities that are exported to Australia are gold jewellery plain and studded and polished diamonds. The main commodities imported from Australia are precious metals such as gold and silver bars.

Colin Shah, Chairman, GJEPC, said the India-Australia trade agreement is expected to unlock millions of dollars of additional trade due to the preferential access accorded to India’s gem and jewellery exports to the continent.

While India-UAE CEPA will build inroads for plain gold jewellery to the Middle East, in Australia it would provide preferential advantage for the studded jewellery sector. Australia is one of large suppliers of gold and silver bullion to India, and until recently, it was also a key supplier of diamonds.

"We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers," he said.

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