India's GJEPC Targets 20% Export Gems And Jewellery Boost To UAE In FY 24-25

The Gem & Jewellery Export Promotion Council (GJEPC) of India has rolled out the fourth iteration of the International Gem & Jewellery Show (IGJS) in Dubai, a gathering that spotlights India's remarkable contributions to the gems and jewellery sector on a global stage. This year's event, which has drawn the support of Suntech Business Solutions and the Dubai Gold & Jewellery Group as co-sponsor and supporter respectively, aims to cement India's reputation as a top-tier source for exquisite gems and jewellery among international buyers.

The opening ceremony of IGJS Dubai 2024 witnessed participation from notable figures, enhancing the event's prestige. Among those in attendance were Satish Kumar Sivan, Consul General of India in Dubai and Northern Emirates; GJEPC's Vice Chairman, Kirit Bhansali; Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group; and other guests.

Highlighting the strategic importance of the gem and jewellery sector to both nations, Satish Kumar Sivan shared, "The gem and jewellery sector is a key focus for both the UAE and India as they aim to significantly boost their non-oil trade. The two nations are working towards a goal of reaching $100 billion in bilateral non-oil trade. This progress has been made possible by the dynamic growth of the gem and jewellery trade in 2023-24, which accounted for $28 billion and emerged as the most traded commodity between India and the UAE during this period. It is encouraging to witness the impressive growth of India's gem and jewellery exports to the UAE following the India-UAE CEPA. In 2023-24, India's exports in this sector surged by 40%, reaching $8 billion."

Chandu Siroya emphasized the opportunities stemming from the CEPA agreement, stating, "The UAE and India must leverage the CEPA pact—the IGJS show represents the best of both worlds. Dubai stands as the ultimate jewellery distribution destination, while India boasts competitive production capabilities. This partnership is set for success, fueled by Dubai's favorable laws and ease of doing business. As we enter the festive season, the mood for buying jewellery is at an all-time high."

The event has attracted over 300 international buyers from diverse regions such as the UAE, Saudi Arabia, Qatar, Kuwait, UK, USA, Africa, and Russia. This broad interest underscores the show's growing significance and its role in enhancing the global footprint of India's gems and jewellery.

Speaking on the challenges faced by the industry, Kirit Bhansali remarked, "As you all know, the global gem and jewellery industry is currently facing challenges, with reduced demand in key consuming markets like the USA and China. It is pertinent for global stakeholders across the supply chain to make concerted efforts to increase the demand for jewellery as a product category.

"India, as the key player in the mid-stream segment, is taking steps to boost demand across key regions. We are collaborating with De Beers and Natural Diamond Council for the generic promotion of diamonds and diamond jewellery, and partnering with the World Gold Council to drive demand for gold jewellery. These efforts are essential to ensuring we capture a fair share of consumer spending in the competitive luxury market."

Nirav Bhansali pointed out the strategic significance of the UAE market, bolstered by its expanding consumer base and vibrant tourism sector. He also highlighted the potential market boosts from regional initiatives like Saudi Arabia's Vision 2030 and Qatar's Tourism Strategy 2030.

"India's unmatched expertise in jewellery craftsmanship, combined with the UAE's thriving market, ensures that together we can meet the ever-growing demand for high-quality, ethically made jewellery in the region and beyond," said Bhansali.

In a move to fortify trade relations with the UAE, GJEPC has established the India Jewellery Exposition (IJEX) in Dubai. This permanent B2B platform allows GJEPC members to showcase their offerings and secure orders from UAE buyers throughout the year. Furthermore, GJEPC organizes 20 India Pavilions at various trade fairs annually, furthering the reach and impact of Indian gems and jewellery on the global stage.