The UAE is a major export market for Indian gemstones and jewelry, accounting for around 15% or $5.8 billion in the 2021-22 financial year, according to a senior industry body official.
Colin Shah, chairman of the Gem and Jewelery Export Promotion Council (GJEPC), said Indian exports of plain gold jewelery to the UAE jumped 63% to 135.27 million in May and 59% to 116, 70 million USD in June this year over one year. – on an annual basis.
“I believe that the realization of the Indo-Emirati CEPA will stimulate many more such opportunities for our traders to connect and network, as evidenced by the immediate surge in two-way trade in gemstones and jewelry, especially jewelry in ordinary gold, after the implementation of the trade agreement on May 1 this year,” Shah said, urging buyers from the UAE to turn out in large numbers for the premiere of the India International Jewelery Show. (IIJS) next month.
Mr Shah was speaking at an event organized by the GJEPC and the Indian Embassy in the UAE, which was the first ever IJEX BSM in conjunction with this year’s IIJS Premiere roadshow on July 19 here.
The event saw leading retailers in the UAE connect with India’s top gemstone and jewelry manufacturers.
Sunjay Sudhir, India’s Ambassador to the UAE, said bilateral trade between India and the UAE is doing well.
“Last year it was $73 billion and our goal is to reach $100 billion in the next few years, but I’m very confident that after CEPA is implemented and the way things are going , we will achieve this goal well ahead of time,” said Ambassador Sudhir.
Omar Khan of the Dubai Chamber of Commerce and Industry said the recent agreement signed between India and the United Arab Emirates was a significant achievement as far as the two countries are concerned.
“It will really give more strength to trade between the two countries. We have a very high and ambitious goal of reaching $100 billion in two-way trade, and I’m sure the trade in gemstones and jewelry will contribute significantly to that. Indian gemstones and jewelry and their craftsmanship are very popular here in the UAE,” Khan said.
The India Jewelery Exposition Center (IJEX) platform, which was unveiled in March this year, allows GJEPC members to exhibit goods and place orders throughout the year.
The platform will hold exhibitions all 365 days of the year, promoting specific categories of “Made in India” gemstones and jewelry, divided into four seasons, each lasting three months.
The first IJEX BSM was also an attempt to promote IJEX among business members in the UAE.
The IJEX center will serve as a showroom and marketing area for GJEPC members who arrive here for business purposes and will act to expand business opportunities in the Middle East market, with a particular focus on Dubai, the countries African and CIS countries.
GJEPC will host the 38th edition of IIJS Premiere from August 4-8 this year in Mumbai, and it will host over 1790 exhibitors, showcasing a range of products including Gold and Gold CZ Studded Jewellery; Diamonds, gems and other studded jewelry; Loose stones, CVD; Silver jewelry, artifacts and gift items; Laboratories and Education; and machines and allies, etc.
The show will have an expected attendance of over 40,000 business visitors from over 800 cities in India and 80 other countries.
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