Shri Kirit Bhansali, Chairman, GJEPC, represented the Indian gem and jewellery industry as part of the high-level business delegation accompanying Shri Piyush Goyal, Union Minister of Commerce & Industry, during his official visit to Spain, Belgium and Finland from 13-17 July 2026. The multi-country mission was aimed at strengthening India’s economic partnerships with the European Union through deeper collaboration in trade, investment, technology, innovation and sustainability, while advancing discussions around the proposed India-EU Free Trade Agreement (FTA).
The delegation participated in business forums, industry interactions and government engagements across the three countries to expand commercial partnerships and position India as a trusted long-term economic partner for Europe. For the gem and jewellery sector, the visit underscored the significant opportunities expected to emerge from the India-EU FTA, which is projected to provide zero-duty access for Indian gem and jewellery exports across all 27 EU member states. GJEPC estimates the agreement could help double India-EU gem and jewellery trade to US$10 billion within the next three years.
The Europe outreach commenced in Spain, where the delegation explored new trade opportunities in a market that imported US$4.62 billion-worth of gems and jewellery globally, with India ranked among its leading suppliers in several product categories.
In Brussels on 15 July, Shri Kirit Bhansali joined Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry; Dr. S. Jaishankar, Hon’ble Minister of External Affairs; Shri Jitin Prasada, Hon’ble Minister of State for Electronics & Information Technology and Commerce & Industry; and Ms. Karen Rentmeesters, CEO, Antwerp World Diamond Centre (AWDC), at the Exclusive Business Roundtable hosted by the Federation of Enterprises in Belgium (VBO FEB). The roundtable brought together senior Indian and European business leaders to discuss trade facilitation, investment, resilient supply chains and digital innovation. Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers, was also present.
Shri Bhansali also took part in the India-EU Business Roundtable hosted by BusinessEurope, where deliberations focused on strengthening the next phase of the India-EU economic partnership, unlocking opportunities arising from the proposed FTA, enhancing regulatory cooperation, promoting sustainability, encouraging investment and driving innovation. The programme included interactions with leading European business federations and sectoral associations to identify practical measures for expanding bilateral trade and investment.
During the Brussels visit, the delegation also engaged with the Antwerp World Diamond Centre (AWDC) to explore opportunities for deeper collaboration between the Indian and Belgian diamond industries in technology, traceability, sustainability and value addition. The engagement reaffirmed the strategic importance of the Mumbai-Surat-Antwerp diamond corridor, one of the world’s oldest and most integrated diamond value chains.
Belgium remains one of India’s largest export markets for cut and polished diamonds, with India’s gem and jewellery exports to Belgium reaching US$1.61 billion in 2025-26, including US$1.39 billion in cut and polished diamonds. India is also Belgium’s largest supplier of cut and polished diamonds, gold jewellery and lab-grown diamonds.
Shri Kirit Bhansali, Chairman, GJEPC, said, “This visit demonstrated that India and Europe are becoming stronger and more trusted economic partners. The proposed India-EU Free Trade Agreement has the potential to be a game changer for the gem and jewellery sector by improving market access, enhancing our competitiveness and creating new opportunities for collaboration across the value chain. As Europe looks to build resilient and transparent supply chains, India is well positioned to be its trusted partner, backed by world-class manufacturing, leadership in natural and lab-grown diamonds, and a strong commitment to responsible sourcing. GJEPC looks forward to working with industry and government stakeholders across Europe to translate these engagements into long-term trade and investment partnerships.”
The Europe mission concluded in Finland, where Shri Bhansali highlighted the growing potential for collaboration between India and Europe, noting that the visit had strengthened business relationships and laid the foundation for greater trade, investment and innovation across sectors. He thanked Hon’ble Minister Shri Piyush Goyal for his leadership in deepening India’s engagement with Europe and expressed confidence that the partnerships forged during the visit would deliver long-term benefits for both the gem and jewellery industry and India’s broader manufacturing ecosystem.