Dubai, October 8, 2024, The 4th edition of the International Gem & Jewellery Show (IGJS) Dubai, organized by the Gem & Jewellery Export Promotion Council (GJEPC) of India, kicked off today with a clear goal: to significantly boost India's jewellery exports to the UAE during the 2024-25 financial year. Co-sponsored by Suntech Business Solutions and backed by the Dubai Gold & Jewellery Group, the event showcases India's world-class craftsmanship, reinforcing the nation's status as a global leader in the gems and jewellery trade.
The inaugural ceremony brought together industry heavyweights and dignitaries, including Mr. Satish Kumar Sivan, Consul General of India in Dubai; Mr. Kirit Bhansali, Vice Chairman of GJEPC; and key figures such as Mr. Chandu Siroya, Vice Chairman of Dubai Gold & Jewellery Group, and Mr. Tamjid Abdullah, Group Deputy CEO of Jawhara Jewellery, UAE. Their presence emphasized the growing strategic partnership between India and the UAE, bolstered by the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
A Historic Milestone for India-UAE Trade:
During the event, Mr. Satish Kumar Sivan highlighted the transformative impact of the CEPA agreement, which has strengthened non-oil trade between India and the UAE. “The gem and jewellery sector is central to our goal of achieving $100 billion in bilateral trade,” he remarked. "In 2023-24, India's jewellery exports to the UAE rose by 40%, reaching USD 8 billion, making it the top traded commodity between our countries."
Mr. Chandu Siroya reinforced this, stressing the complementary strengths of both nations. “Dubai stands as the ultimate hub for jewellery distribution, while India excels in world-class production. With CEPA in place, we are well-positioned to capitalize on these synergies and expand our trade further. As we enter the festive season, consumer demand for jewellery is expected to soar.
Gateway to the Middle Eastern Market:
Mr. Kirit Bhansali, Vice Chairman of GJEPC, expressed his pride in IGJS Dubai’s role in strengthening India’s foothold in the Middle Eastern market, particularly in countries such as Saudi Arabia, Qatar, and Kuwait. "In 2023, India’s jewellery exports to the UAE grew significantly, with plain gold jewellery exports surging by 102% and studded jewellery by 25%. This event has become a cornerstone for expanding partnerships and leveraging new growth opportunities in the region.
Acknowledging global challenges in the jewellery sector, Bhansali explained that GJEPC has been taking proactive measures to stimulate demand in key markets. “India, as a leader in the mid-stream jewellery manufacturing segment, is working on initiatives to boost demand for diamonds and gold jewellery. Collaborations with De Beers, the Natural Diamond Council, and the World Gold Council are essential for attracting consumer interest in the competitive luxury sector.”
IGJS Dubai: A Premier Platform for Global Buyers:
With 30 of India’s top manufacturers and over 300 buyers from across the UAE, Saudi Arabia, Qatar, Kuwait, the UK, USA, Africa, and Russia attending, IGJS Dubai provides a premier platform for global business. The event showcases a variety of diamond-studded, gemstone-studded, and gold jewellery, meeting diverse international preferences and further enhancing India’s reputation in the global jewellery market.
Mr. Nirav Bhansali, Convener of National Exhibitions at GJEPC, emphasized the growing importance of the UAE as a key market, driven by its expanding consumer base and flourishing tourism sector. "The UAE is quickly becoming a major global hub for jewellery sales, and with India’s unmatched expertise in craftsmanship, we are well-positioned to meet the rising demand for high-quality, ethical jewellery," he stated.
Year-Round Engagement with IJEX Dubai:
To strengthen trade ties with the UAE further, GJEPC has established the India Jewellery Exposition (IJEX) in Dubai, a year-round B2B platform where Indian manufacturers display their collections and receive orders from UAE buyers. This initiative, along with GJEPC’s involvement in 20 India Pavilions at major trade fairs worldwide, reinforces the Council’s commitment to expanding India’s presence in global markets.
GJEPC: Driving India’s Jewellery Export Growth:
With over 10,000 members and regional offices across India, GJEPC remains the driving force behind the country’s gem and jewellery export growth. For nearly six decades, the council has spearheaded India's international reach through initiatives like IGJS Dubai and strategic collaborations, ensuring that India continues to dominate the global jewellery market.
A Bright Future for India-UAE Jewellery Trade:
With India’s world-class craftsmanship and Dubai’s unparalleled distribution capabilities, the partnership between the two nations promises continued growth and success. As IGJS Dubai 2024 paves the way for greater collaboration, GJEPC’s export goals appear well within reach, laying the foundation for a prosperous future in the global jewellery trade.
Author: Jinal Prajapati
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