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India opens first overseas jewellery exposition centre in Dubai

Gems and jewellery sector is among the industries that have gained significantly from Cepa

Published: Tue 9 May 2023, 8:42 PM

By
Issac John

(From Left): Mr. Sanjiv, (Joint Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); Mr. Kirit Bhansali (Vice Chairman, GJEPC); H.E. Juma Al Kait (Assistant Undersecretary - Foreign Trade Affairs at Ministry of Economy, UAE); Mr. Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); H.E. Sunjay Sudhir, (Ambassador of India to UAE); and Dr. Srikar K. Reddy (Joint Secretary, Ministry of Commerce & Industry, Government of India). — Supplied photo

The Gem & Jewellery Export Promotion Council, an apex body of India’s jewellery industry, on Tuesday opened the first-of-its-kind India Jewellery Exposition Centre (Ijex), a 365-day exhibition platform, in Dubai.

The launch of the permanent showcase for Indian jewellery and gems marked the first year of the landmark Comprehensive Economic Partnership Agreement (Cepa) signed by the UAE and India.

Dignitaries present at the inaugural event included Rajesh Kumar Singh, secretary, DPIIT, Indian’s Ministry of Commerce & Industry; Sunjay Sudhir, ambassador of India to the UAE; Juma Al Kait, assistant undersecretary, Foreign Trade Affairs at the UAE Ministry of Economy; Vipul Shah, chairman, GJEPC; Dr. Srikar K. Reddy, joint secretary, India’s Ministry of Commerce & Industry, Sanjiv, joint secretary, DPIIT, Ministry of Commerce & Industry; and Kirit Bhansali, vice chairman, GJEPC.

The gems and jewellery sector is among the industries that have gained significantly from Cepa, speakers said at the launch ceremony.

Indian exports in gems and jewellery segment recorded a growth of 16.54 per cent to $5.77 billion in 2022-23 as compared to previous year.

Al Kait said Cepa is living up to its promise, and “we must keep pursuing new partnerships, so that the agreement delivers for everybody.”

“Today as we celebrate the achievements of the Cepa, let’s create an alliance of growth that will kick-start an era of prosperity, focusing on critical supply chains. The UAE and India are writing a new chapter in their longstanding partnership, playing a key role in each other’s success. Gems & jewellery is central to our partnership, and gold is UAE’s biggest non-oil export commodity. Our next trading goal should be $100 billion by 203,” said Al Kait.

Shah said the Indian jewellery industry would make the most of the emerging opportunity and take the exports the gem & jewellery exports to the pre-Covid level of $10 billion to the UAE very soon. “With continued support and cooperation, we can take our bilateral trade relations to new heights and achieve greater success.”

Ijex, located at the new Gold Souq in Deira, Dubai, provides a much-needed platform for MSME jewellers to exhibit their indigenously products on a continuous basis in the Middle East market that accounts for 30 per cent of India’s gem and jewellery exports.

Bhansali said the first anniversary of the Cepa marks a significant milestone in the economic relations between India and the UAE. The India Jewellery Exposition Centre is a step towards strengthening these ties further as it it will facilitate the micro, small and medium manufacturers of gems and jewellery, who do not have the wherewithal to have their office set up at Dubai, to market their products in entire Mena and CIS region. “This setup will serve as a valuable window for buyers in the region, showcasing the diverse range of products offered by India. We will set up more such jewellery exposition centers in major and emerging markets in the world.”