The Gem and Jewellery Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewellery Exposition Centre (IJEX) in the UAE during a special event to commemorate the first anniversary of the UAE-India Comprehensive Economic Partnership Agreement.
Announced during the CEPA Beyond Trade celebration, IJEX will provide a platform for India’s micro, small, and medium jewellery enterprises (MSMEs) to showcase their products to the Middle East market from its location in Dubai’s Gold Souq.
The move is a reflection of both the Middle East's importance to India's gem and jewellery sector, which accounts for fully 30 percent of its exports and the reduced import tariffs on gold as a result of the CEPA is into effect on May 2022. IJEX will now serve as an important gateway to the MENA region for the Indian gemstone and jewellery sector.
Juma Al Kait, Assistant Undersecretary for Foreign Trade at the Ministry of Economy and Chief Trade Negotiator for the UAE, said the launch demonstrated the tangible benefits the UAE-India CEPA is now delivering. He added, “This week we have not only been able to celebrate the achievements of the first year of the UAE-India CEPA but also forge new partnerships, new investments, and new platforms for collaboration. The launch of the India Jewellery Exposition Centre is the CEPA in action and clear evidence of the opportunities for greater trade and investment that our nations can deliver. Central to both our cultures, the gems and jewellery sector is a key driver of bilateral trade and among the industries that will gain the most from the agreement.”
The UAE-India CEPA has resulted in continued growth in bilateral non-oil trade between the two countries, which climbed 6.9 percent to reach US$45.5 billion in the first 11 months of the deal. The figures in Q1 2023, meanwhile, show an impressive quarter-on-quarter growth of 24.7 percent.
Al Kait was joined at the launch ceremony by representatives from both the UAE and India including Sunjay Sudhir, Ambassador of India to UAE; Rajesh Kumar Singh, Secretary at DPIIT, Ministry of Commerce and Industry, Government of India; Dr. Srikar K. Reddy, Joint Secretary at the Ministry of Commerce and Industry, Government of India; and Mr. Kirit Bhansali Vice Chairman of GJEPC.