Commemorating the first year of India-UAE CEPA, the Gem & Jewellery Export Promotion Council (GJEPC) unveiled the India Jewellery Exposition Centre (IJEX), the 365-day exhibition platform in Dubai.
IJEX is the showcasing venue in Dubai located at the new Gold Souk in Deira.
This would be a platform for MSME jewellers to exhibit their indigenously products on a regular continuous basis in the Middle East market.
Since the West Asia market accounts for 30% of India’s gem and jewellery exports, IJEX will enable India’s MSME manufacturers to take advantage of India-UAE CEPA to expand in the WANA region.
With CEPA, the India-UAE trade has grown by 16% to reach $84.5 billion in the fiscal year 2022-23, up from $72.9 billion the previous year.
Of this, India’s exports to the UAE grew by 11.8% to $31.3 billion, with the gem and jewellery sector witnessing particularly an impressive surge of 16.54% to $5.77 billion.
Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce & Industry, Government of India, said, “CEPA is one of the most ambitious pacts. The depth and range of market access and services it provides is unprecedented, benefitting all stakeholders. India’s exports to the UAE have exceeded $30 billion, with gems & jewellery and plastics deriving benefits from lower priced inputs.”
“GJEPC has set up IJEX and I see tremendous value in such initiatives. CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships,” he added.
Vipul Shah, Chairman, GJEPC said, “The Gems & Jewellery sector is among the industries that have gained significantly from CEPA. India’s exports in this sector have witnessed an impressive growth of 16.54% to USD 5.77 billion in 2022-23 as compared to previous year.”
“I am sure the Indian jewellery industry would make the most of this opportunity and take the exports the gem and jewellery exports to the pre-COVID level of $10 billion to the UAE very soon. With continued support and cooperation, we can take our bilateral trade relations to new heights and achieve greater success,” he said.
