Dubai: Transguard signed an exclusive deal with the Gem and Jewellery Export Promotion Council of India (GJEPC), to transport and safeguard diamonds and jewellery from India, it was announced on Friday. With this deal, the Dubai security services company will provide end-to-end logistics support – from round-the-clock transportation and door-to-door services to vault management and the safe storage of jewellery. The division routinely transports billions of dollars’ worth of gems, jewellery, cash and other valuables in a year.
GPJEC has set up its first international office, the India Jewellery Exposition (IJEX) centre, in Dubai Gold Souk in Deira. Here, its members will use the space to exhibit and showcase gems and jewels India has to offer.
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As part of the agreement, Transguard will fully insure all exhibitors’ products stored in the vault. The team is expected to handle diamonds, jewellery and gems worth around Dh100 million this year, with exponential growth predicted in the next three years as trade between India and Dubai continues to boom. India’s gems and jewellery exports to the UAE grew by 16.54 per cent to $ 5.77 billion in 2022-23.
“We have built a robust reputation for providing efficient, risk-free, safe and secure services that lead to a stress-free customer experience,” said Rabie Atie, Senior Vice President Transguard. “We’re extremely proud of being involved with the very first shipment that arrived in Dubai under the CEPA agreement.”
Through Transguard’s arrangement with Dubai Customs, duty and VAT will be collected, only on sold items, at the end of the exhibition.
“The IJEX Centre is a crucial initiative that seeks to capitalize on the advantages of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE,” said Sabyasachi Ray, Executive Director of the Gem & Jewellery Export Promotion Council of India. “The pact has opened up numerous prospects to enhance trade between the two nations.”
“Especially, it has been highly beneficial for the Indian jewellery sector, resulting in multi-fold increase in plain gold jewellery exports to the Middle East,” he added.
