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The Gem and Jewellery Export Promotion Council (GJEPC) has launched the first ever India Jewellery Exposition Centre in Dubai to commemorate the first year of India-UAE Comprehensive Economic Partnership Agreement.
IJEX is a 365-day exhibition and showcasing venue in Dubai located at the new Gold Souk in Deira, Dubai. This will act as a platform for MSME jewellers to exhibit their indigenous products on a regular basis in the West Asia market that accounts for 30 per cent of India’s gem and jewellery exports.
The CEPA has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16 per cent to reach $84 billion in FY23, up from $73 billion in the previous fiscal. Of this, India’s exports to the UAE grew by 12 per cent to $31 billion, with the gem and jewellery sector witnessing an impressive surge of 17 per cent to $6 billion.
Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce and Industry, said the depth and range of market access and services CEPA provides is unprecedented and benefits all stakeholders.
Also read: With ramped up buying, gold now makes up 8% of total forex reserves
India must hold reverse buyer-seller meets to attract buyers from regions like Africa and the Middle East, he said.
Sunjay Sudhir, Ambassador of India to UAE said the agreement holds promise as a gateway for the Indian exporters to emerging economies in the Middle East and Africa.
Juma Al Kait, Assistant Undersecretary, Foreign Trade Affairs at Ministry of Economy, UAE said gems and jewellery are central to partnership and gold is UAE’s biggest non-oil export commodity.
The next trading goal should be $100 billion by 2030, he added.
Vipul Shah, Chairman, GJEPC, said the gem and jewellery industry should take this opportunity and take exports to the pre-Covid level of $10 billion.
CEPA has made gold cheaper for Indian manufacturers, with 1 per cent cheaper gold being made available from the UAE. Also, Indian jewellery exports to the UAE have become 5 per cent cheaper in comparison to other competing nations such as Malaysia and Turkey. This reduction in costs has resulted in a 17 per cent increase in Indian jewellery exports to the UAE in just one year.
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