IGJS will help boost exports by 20% to the UAE in 2024, says GJEPC

The Gem and Jewellery Export Promotion Council (GJEPC) of India on Tuesday said the International Gem and Jewellery Show (IGJS) Dubai, which commenced on Tuesday, is expected to boost exports to the UAE by 20 per cent in this calendar year.

"IGJS Dubai has become a cornerstone event for the region, strengthened by the India-UAE CEPA agreement, which has opened doors to deeper partnerships and new growth opportunities. In 2023, India's jewellery exports to the UAE reached USD 8 billion, with a surge in demand for plain gold jewellery and studded jewellery," GJEPC vice chairman Kirit Bhansali said in a statement.

In CY24, he said, looking at the success of IGJS in Dubai, GJEPC is targeting 20 per cent growth in India's gem and jewellery exports to the UAE compared to 2023.

The global gem and jewellery industry is currently facing challenges, with reduced demand in key consuming markets like the USA and China, however, GJEPC is also witnessing rising demand from key Middle Eastern markets such as Saudi Arabia, Bahrain, Kuwait, and Oman.

"IGJS Dubai has played a pivotal role in fulfilling the evolving needs of these markets," Bhansali added.

Over 30 manufacturers participated in IGJS, which attracted over 300 international buyers from the UAE, Saudi Arabia, Qatar, and Kuwait, the UK, the US, Africa, and Russia.