The Gem & Jewellery Export Promotion Council (GJEPC) of India is targeting a 20% increase in exports to the United Arab Emirates (UAE) in 2024, supported by the 4th International Gem & Jewellery Show (IGJS) Dubai. The event, which commenced this year, has brought together key stakeholders from the global jewellery sector to strengthen trade relations and explore new growth opportunities between India and Middle Eastern markets.
IGJS Dubai 2024: A Key Event for Strengthening Trade
The IGJS Dubai 2024, organised by GJEPC and co-sponsored by Suntech Business Solutions, is expected to play a significant role in enhancing India’s jewellery exports to the UAE. The event, supported by the Dubai Gold & Jewellery Group (DGJG), brings together key players from India’s gem and jewellery sector, showcasing its offerings to global buyers. The show includes 30 of India’s jewellery manufacturers, presenting diamond-studded, gemstone-studded, and gold jewellery to over 300 international buyers from key markets such as the UAE, Saudi Arabia, Qatar, Kuwait, the UK, the USA, Africa, and Russia.
Kirit Bhansali, Vice Chairman of GJEPC, emphasised the importance of the event, stating, “IGJS Dubai has become a cornerstone event for the region, strengthened by the India-UAE CEPA agreement, which has opened doors to deeper partnerships and new growth opportunities. In 2023, India’s jewellery exports to the UAE reached USD 8 billion, with plain gold jewellery exports surging by 102% and studded jewellery by 25%. We are also witnessing rising demand from key Middle Eastern markets such as Saudi Arabia, Bahrain, Kuwait, and Oman. IGJS Dubai has played a pivotal role in fulfilling the evolving needs of these markets.”
The Role of CEPA in Boosting Jewellery Trade
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has provided a significant boost to the jewellery trade between the two countries. This trade pact has resulted in duty exemptions for Indian jewellery exports, making India a more competitive supplier for the UAE market. In 2023 alone, India’s jewellery exports to the UAE surged by 40%, reaching USD 8 billion.
The importance of CEPA was highlighted by industry leaders during the IGJS Dubai inauguration. Speaking at the event, Mr. Satish Kumar Sivan, Consul General of India in Dubai, said, “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 USD 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 USD 28 billion and emerged as the most traded commodity between India and the UAE during this period.”
Mr. Chandu Siroya, Vice Chairman of the DGJG, added, “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. Dubai’s favourable regulatory environment and ease of doing business are expected to support the partnership’s success.”
Meeting the Challenges of a Competitive Global Market
While IGJS Dubai highlights the growing demand in Middle Eastern markets, the global jewellery industry faces challenges, particularly in major consuming markets like the USA and China, where demand has slowed. GJEPC is taking steps to mitigate this by collaborating with De Beers and the Natural Diamond Council for the promotion of diamonds and diamond jewellery, and with the World Gold Council to drive demand for gold jewellery.
Mr. Bhansali noted, “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.”
Regional initiatives such as Saudi Arabia’s Vision 2030 and Qatar’s Tourism Strategy 2030 are also expected to contribute to long-term market growth. Mr. Nirav Bhansali, Convener of National Exhibitions at GJEPC, commented, “India’s jewellery craftsmanship, combined with the UAE’s growing market, positions both countries to meet increasing regional demand for high-quality jewellery.”
Year-Round Engagement Through IJEX
To further strengthen trade ties and provide continuous opportunities for Indian manufacturers, GJEPC has established the India Jewellery Exposition (IJEX) in Dubai. This dedicated B2B platform allows Indian jewellers to display their products and engage with UAE buyers throughout the year. Alongside IGJS Dubai, GJEPC also organises 20 India Pavilions at various international trade fairs each year to maintain visibility in key markets.
Implications
The IGJS Dubai 2024 is set to be a key driver of India’s jewellery export growth, with the UAE emerging as a crucial partner in this endeavour. The strong demand for Indian jewellery in the Middle East, bolstered by the India-UAE CEPA agreement and strategic collaborations, signals positive prospects for Indian jewellers looking to expand their presence in the region. As the jewellery trade continues to evolve, initiatives like IJEX and partnerships with global bodies are essential in ensuring long-term success in this competitive industry.
