Dubai: India’s Gem & Jewellery Export Promotion Council (GJEPC) launched the India Jewellery Exposition Centre (IJEX) – a 365-day exhibition and showcasing venue in Dubai’s Gold Souq in Deira – this week.
The exhibition will give MSMEs and GJPEC members without offices in the UAE an opportunity to display their products and book orders from overseas buyers. Birdhichand Ghanshyamdas, Champalal Jewellers by Rajesh Modi and Limelight Lab Grown Diamonds Limited will be among the first exhibitors.
Gems and jewellery are central to CEPA as gold is UAE’s biggest non-oil export commodity. CEPA has made UAE gold one per cent cheaper for Indian manufacturers and Indian jewellery exports five per cent more inexpensive than other nations. Juma Al Kait, the Assistant Undersecretary - Foreign Trade Affairs at the Ministry of Economy, UAE, said the partnership focuses on critical supply chains. “Our next trading goal should be $100 billion by 2030,” he said.
A year into UAE-India CEPA, India’s exports to UAE are said to have exceeded $30 billion, with gems, jewellery, and plastics deriving benefits from lower-priced inputs, said Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce and Industry, India. The country’s exports in this sector have witnessed a growth of 16.5 per cent to $5.77 billion in 2022-23 compared to the previous year, said Vipul Shah, Vice Chairman of GJEPC.