Indian Ambassador to UAE mentioned the bilateral commerce accounted for $73 Billion final yr. (Representational)
Dubai:
The UAE is a crucial export marketplace for Indian gems and jewelry, accounting for round 15 per cent or USD 5.8 billion in FY 2021-22, based on a prime official of an business physique.
Colin Shah, Chairman of the Gem and Jewelry Export Promotion Council (GJEPC), mentioned that India’s plain gold jewelry exports to the UAE jumped 63 per cent to 135.27 million in Might and 59 per cent to USD 116.70 million in June this yr on a year-on-year foundation.
“I consider that the fruition of the Indo-UAE CEPA will spur many extra such alternatives for our merchants to attach and community, as evidenced by the speedy spike in bilateral gem and jewelry commerce, particularly plain gold jewelry, publish the commerce settlement’s enforcement on Might 1 this yr,” Mr Shah mentioned, urging patrons from the UAE to go to the India Worldwide Jewelry Present (IIJS) Premiere occasion subsequent month in massive numbers.
Mr Shah was talking at an occasion organised by the GJEPC and the Indian embassy within the UAE, which was the first-ever IJEX BSM at the side of this yr’s IIJS Premiere roadshow on July 19 right here.
The occasion noticed main retailers from the UAE connecting with prime gem and jewelry producers from India.
Sunjay Sudhir, Ambassador of India to the UAE, mentioned the bilateral commerce between India and the UAE was doing effectively.
“Final yr it accounted for USD 73 billion and our aim is to attain USD 100 billion within the subsequent few years, however I’m very assured that after the implementation of CEPA and the best way issues are going, we’ll obtain this goal effectively earlier than time,” Ambassador Sudhir mentioned.
Omar Khan of the Dubai Chamber of Commerce and Trade mentioned the latest settlement signed between India and the UAE was a major achievement so far as it involved each the international locations.
“It’s actually going to offer additional traction to the commerce between each international locations. Now we have a really excessive, bold goal to attain a bilateral commerce of USD 100 billion, and I’m certain the gem and jewelry commerce will contribute in a giant means. Indian gems and jewelry and their craftsmanship may be very widespread right here in UAE,” Khan mentioned.
The platform “India Jewelry Exposition Centre (IJEX)”, which was unveiled in March this yr, allows GJEPC members to show items and e book orders all year long.
The platform will organise exhibitions all 365-days of the yr, selling particular classes of “Made in India” gems and jewelry, divided into 4 seasons, every lasting three months.
The primary IJEX BSM was additionally an try to advertise IJEX among the many commerce members in UAE.
The IJEX centre will function a showroom cum advertising and marketing space for GJEPC Members who arrive right here for enterprise function, and act to broaden commerce alternatives within the Center East Market, with particular emphasis on Dubai, African and CIS International locations.
GJEPC will organise the thirty eighth version of IIJS Premiere from August 4 to eight this yr in Mumbai, and it’ll witness greater than 1790 exhibitors, showcasing a variety of merchandise together with Gold and Gold CZ Studded Jewelry; Diamond, Gemstone and Different Studded Jewelry; Free stones, CVD; Silver Jewelry, Artefacts and Gifting Objects; Laboratories and Training; and Equipment and Allied, and so forth.
The present may have an anticipated turnout of 40,000 plus enterprise guests from 800+ cities in India and 80 different international locations.
(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
Discover more from News Journals
Subscribe to get the latest posts sent to your email.
