The Gem & Jewellery Export Promotion Council (GJEPC) of India has launched the fourth iteration of the International Gem & Jewellery Show (IGJS) in Dubai. This event underscores India’s significant contributions to the global gems and jewellery sector. Co-sponsored by Suntech Business Solutions and supported by the Dubai Gold & Jewellery Group, the IGJS aims to enhance India’s reputation as a premier source of exquisite gems and jewellery for international buyers.
A Star-Studded Opening Ceremony
The opening ceremony of IGJS Dubai 2024 drew notable figures from both India and the UAE, enhancing the event’s prestige and significance. Attendees included Satish Kumar Sivan, the Consul General of India in Dubai and the Northern Emirates, alongside Kirit Bhansali, Vice Chairman of GJEPC, and Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group, among others.
Sivan emphasized the strategic importance of the gems and jewellery sector for both nations, stating, “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.” He highlighted that both countries are striving for a goal of $100 billion in bilateral non-oil trade.
In the past year, the gem and jewellery trade has experienced remarkable growth, with a total valuation of $28 billion, making it the most traded commodity between India and the UAE. Following the India-UAE Comprehensive Economic Partnership Agreement (CEPA), India’s gem and jewellery exports surged by an impressive 40% in 2023-24, reaching a total of $8 billion.
Addressing Industry Challenges
During the event, Kirit Bhansali addressed the current challenges facing the global gem and jewellery industry. He noted, “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.” Bhansali stressed the importance of collaborative efforts among global stakeholders to stimulate 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,” he explained. “We are collaborating with De Beers and the 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 ensure that India captures a fair share of consumer spending in the competitive luxury market.
The UAE Market: A Strategic Focus
Nirav Bhansali highlighted the strategic significance of the UAE market, emphasizing its expanding consumer base and vibrant tourism sector. He pointed out that regional initiatives, such as Saudi Arabia’s Vision 2030 and Qatar’s Tourism Strategy 2030, could further enhance market dynamics.
“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,” he stated, underscoring the potential for growth in this lucrative sector.
Strengthening Trade Relations
To fortify trade relations with the UAE, the GJEPC has established the India Jewellery Exposition (IJEX) in Dubai. This permanent business-to-business (B2B) platform allows GJEPC members to showcase their offerings and secure orders from UAE buyers throughout the year. Additionally, GJEPC organizes 20 India Pavilions at various trade fairs annually, further extending the reach and impact of Indian gems and jewellery on the global stage.
Conclusion
The GJEPC’s ambitious target to boost gems and jewellery exports to the UAE by 20% in the upcoming fiscal year is a testament to the growing synergy between India and the UAE in the luxury sector. With the establishment of strategic platforms and partnerships, the future looks promising for both nations as they work towards enhancing trade relations and meeting the evolving demands of the global market.
This collaborative effort not only positions India as a leading player in the gems and jewellery industry but also signifies the importance of fostering international ties to drive economic growth. The IGJS Dubai 2024 serves as a pivotal platform for showcasing India’s rich heritage in jewellery craftsmanship and its commitment to quality and innovation in the luxury sector. As both countries navigate the challenges and opportunities in this dynamic market, the future of the gems and jewellery trade appears bright.
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