Opportunities emerging for India's gems & jewellery in the Middle East: GJEPC

The Middle East is emerging as a significant market for Indian jewellery exporters, with countries such as Saudi Arabia and Kuwait showing increasing demand for studded gold jewellery, according to the Gem & Jewellery Export Promotion Council (GJEPC). Recent data highlights a positive trend in these regions, indicating substantial growth beyond traditional markets like the US and China. GJEPC reports that Saudi Arabia (+26.05%), Kuwait (+87.99%), Bahrain, and Malaysia have seen rising exports, driven by increased buyer participation at the India International Jewellery Show (IIJS) events—Premiere, Signature, and Tritiya.

Chairman of GJEPC, Mr. Vipul Shah, noted that these markets are relatively under-explored but offer significant opportunities, especially as the labour-intensive nature of studded jewellery meets sophisticated global demands. Exports of plain gold jewellery have risen significantly from April to July 2024 in new markets, including Malaysia (+35.77%), Australia (+75.86%), Canada (+30.65%), France (+102.89%), and Oman (+207.46%). Mr. Konal Doshi of Modern Impex highlighted that the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and recent import duty reductions have made Indian jewellery more competitive, boosting direct purchases from India rather than through Dubai. Managing Partner of J.H. Jewellers, Mr. Anil Sankhwal, noted that Saudi Arabia has recently opened up to direct supply, reducing reliance on Dubai as a transit point. Additionally, the absence of lab-grown diamonds in the Middle East has supported a steady rise in exports of natural diamond jewellery to the region.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.