The Gem & Jewellery Export Promotion Council (GJEPC), an apex body of India’s jewellery industry, recently launched the first-of-its-kind India Jewellery Exposition Centre (IJEX), a 365-day exhibition platform, in Dubai, reports said. This comes as India and UAE celebrated the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA).
This would be a much-needed platform for MSME jewellers to exhibit their indigenously products on a regular continuous basis in the Middle East market. Since the Middle East market accounts for 30 per cent 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 per cent to reach 84.5 billion dollars in the fiscal year 2022-23, up from 72.9 billion dollars the previous year.
According to Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce & Industry, Government of India,
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 and jewellery and plastics deriving benefits from lower priced inputs, he added. “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.”
Speaking about the launch Vipul Shah, Chairman, GJEPC said that 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 dollars 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.