India's gem and jewellery exports to Middle East will grow by 15%

Abu Dhabi: India's exports of gems and jewellery to the Middle East are expected to grow at least 15 per cent annually as the UAE maintains its pole position as importer, an official of the export body said.

Shailesh Sangani, International Convenor of India's Gem and Jewellery Export Promotion Council, said exports to the Middle East have touched $4 billion, accounting for 25 per cent of India's global exports of gems and jewellery. "We have seen a steep growth in exports of gems, jewellery and precious stones to this region in the last three years. The average growth has been 15-17 per cent and we are confident this growth will continue," he told Gulf News.

High demand from a multicultural population and tourism is driving export growth in this region. "The UAE is the best market for Indian gems in this region. But it also serves as a re-export market," he said. "Future growth looks stable for at least the next five years."

After the UAE, Saudi Arabia and Turkey are promising markets.

Sangani is leading a delegation of Indian gems exporters who are visiting four cities in the region.

He said the Middle East forms an exciting market for Indian branded diamond jewellery and being the largest consumer of gold, India becomes an attractive market for this region. Indian brands such as Nakshatra and Asmi have established outlets in the Middle East and the Damas Group from the UAE has already made a successful foray into the Indian market. "As both markets show mature and individualistic growth trends, excellent opportunities can be further explored."

He said India is also the world leader in diamond processing with 11 out of 12 diamonds set in jewellery worldwide cut and polished in India. "Of the world polished diamond market, India's share is 60 per cent in terms of value, 85 per cent in terms of volume and 92 per cent in terms of pieces."

The export council is the industry's apex body representing 6,500 Indian jewellers and operates under the supervision of the Ministry of Commerce.

The India International Jewellery Show will be held from May 4-8 in Mumbai, he said.