Gem & Jewellery Export Promotion Council Targets 20% Export Boost to UAE with IGJS Dubai 2024 in FY 24-25

2024-11-20 09:34:24 Industry

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Dubai, October 9, 2024 — The 4th edition of the International Gem & Jewellery Show (IGJS) Dubai commenced today, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) of India. This exclusive event, co-sponsored by Suntech Business Solutions and supported by the Dubai Gold & Jewellery Group, brings together the finest of Indian gems and jewellery, reinforcing India's position as a premier destination for global buyers.

The inauguration ceremony of IGJS Dubai 2024 was graced by esteemed dignitaries, including Mr. Satish Kumar Sivan, Consul General of India, Dubai; Mr. Kirit Bhansali, Vice Chairman of GJEPC; Mr. Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group; Mr. Tamjid Abdullah, Group Deputy CEO, Jawhara Jewellery, UAE; Mr. KP Abdul Salam, Vice-Chairman, Malabar Gold & Diamonds; and Mr. Ramesh Vora, GJEPC Middle East Coordinators; Mr. Nirav Bhansali, Convener of National Exhibitions at GJEPC; and Mr. Sabyasachi Ray, Executive Director of GJEPC. Their presence underscored the significance of this event and highlighted the collaborative spirit driving the gem and jewellery industry between India and the UAE.

Mr. Satish Kumar Sivan, Consul General of India, 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 $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. 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 USD 8 billion.

Mr. Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group, said, “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.”

In his welcome address, Mr. Kirit Bhansali, Vice Chairman of GJEPC, expressed his delight at the show's growth, 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 event features 30 leading manufacturers showcasing stunning diamond-studded, gemstone-studded, and gold jewellery, attracting over 300 international buyers from the UAE, Saudi Arabia, Qatar, and Kuwait, UK, USA, Africa, and Russia, enhancing the global reach of this prestigious show.

Kirit Bhansali further added, “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.”

Mr. Nirav Bhansali acknowledged the UAE’s importance, driven by its growing consumer base and flourishing tourism sector, which is fast becoming a major hub for jewellery sales. He also noted key regional initiatives like Saudi Arabia’s Vision 2030 and Qatar’s Tourism Strategy 2030, which will significantly boost market demand.

"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 Mr. Nirav Bhansali.

To strengthen its trade ties with the UAE, GJEPC has set up the India Jewellery Exposition (IJEX) in Dubai, a dedicated B2B platform that enables GJEPC members to display their products and receive orders from UAE buyers all year round. Additionally, the Council organizes 20 India Pavilions across trade fairs around the year.