India opens first overseas jewelery expo center in Dubai – News

The gem and jewelry industry is one of the industries that will benefit significantly from Cepa

(From Left): Mr. Sanjiv, (Joint Secretary, DPIIT, Ministry of Commerce and Industry, Government of India); Mr. Kirit Bhansali (Vice Chairman, GJEPC); HE Juma Al Kait (Assistant Under-Secretary for Foreign Trade Affairs, Ministry of Economy, UAE); Mr. Rajesh Kumar Singh (India DPIIT Secretary, Ministry of Commerce and Industry, Government); HE Sunjay Sudhir, (Ambassador of India to the UAE); and Dr. Srikar K. Reddy (Joint Secretary, Ministry of Commerce and Industry, Government of India). – Photos provided

The Gems and Jewelry Export Promotion Council, the apex body of the Indian jewelery industry, inaugurated the first Indian Jewelery Exhibition Center (Ijex), a 365-day exhibition platform, in Dubai on Tuesday.

The launch of India’s jewelery and gemstone permanent display case marks the first year of the landmark Comprehensive Economic Partnership Agreement (Cepa) signed between the UAE and India.

Guests at the opening included Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce and Industry; Sunjay Sudhir, Indian Ambassador to the UAE; Juma Al Kait, Assistant Undersecretary for Foreign Trade, UAE Ministry of Economy ; Vipul Shah, Chairman, GJEPC; Dr. Srikar K. Reddy, Joint Secretary, Ministry of Commerce and Industry, Sanjiv, Joint Secretary, DPIIT, Ministry of Commerce and Industry; Kirit Bhansali, Vice-chairman, GJEPC.

Speaking at the launch, a spokesman said the gems and jewelry industry was one of those industries that would benefit greatly from Cepa.

Exports from India’s gems and jewelry sector rose by 16.54 percent to $5.77 billion in 2022-23 compared to the previous year.

Al Kait said Cepa was delivering on its commitments and “we must continue to seek new partnerships so that this agreement can benefit everyone.”

“Today, as we celebrate Cepa’s achievements, let us build an alliance for growth and usher in an era of prosperity, with a focus on critical supply chains. The UAE and India are writing a new chapter in their long-standing partnership, building on each other’s success Gems and jewelry are at the heart of our partnership and gold is the UAE’s largest non-oil export. Our next deal target should be $100 billion by 203,” said Al Kait.

Shah said the Indian jewelery industry will take full advantage of emerging opportunities and will soon boost gems and jewelery exports to the UAE to pre-pandemic levels of $10 billion. “With continued support and cooperation, we can take our bilateral trade relationship to new heights and achieve greater success.”

Ijex’s new Gold Souk in Deira, Dubai, provides MSME jewelers with a much-needed platform to consistently showcase their local products in the Middle East market, which accounts for 30% of India’s gems and jewelry exports.

Bhansali said the first anniversary of Cepa marks a major milestone in India-UAE economic relations. The India Jewelery Exhibition Center is a step to further strengthen these links as it will facilitate micro, small and medium-sized gem and jewelery manufacturers who do not have the funds to set up offices in Dubai to sell their products in Dubai. The entire Middle East and CIS region. “This setup will provide buyers in the region an invaluable window into the wide range of products that India has to offer. We will be building more jewelery exhibition centers like this in major and emerging markets around the world.”