The Gem & Jewellery Export Promotion Council (GJEPC) recently launched the India Jewellery Exposition Centre (IJEX) in Dubai to help India’s micro, small and medium enterprises (MSME) expand their reach in the Middle East.

The unveiling of IJEX also marked the first anniversary of a Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates. 

IJEX, which is open for exhibitions and product showcases throughout the year, is located at the new Gold Souk in Deira, Dubai. GJEPC said jewellers falling under the MSME category now have a platform to regularly display their goods and increase their visibility in the Middle East market. 

The Middle East market accounts for 30 per cent of India’s gem and jewellery exports, according to GJEPC. As such, IJEX will enable Indian MSMEs to take advantage of the India-UAE CEPA.

With CEPA in force, India-UAE trade grew 16 per cent to US$84.5 billion in the fiscal year 2022-2023. Of this, India’s exports to the UAE rose 11.8 per cent to US$31.3 billion, with the gem and jewellery sector soaring by 16.54 per cent to US$5.77 billion.

Juma Al Kait, assistant undersecretary for Foreign Trade Affairs at the UAE Ministry of Economy, said India and UAE should target US$100 billion in bilateral trade by 2030 through CEPA.

Jewellers at IJEX can liaise with international buyers from the Middle East, North Africa and CIS countries, among others. GJEPC explained, “IJEX aims to generate transactable business that will ultimately increase exports. IJEX is a year-round business-to-business initiative that offers GJEPC members an opportunity to display their goods and book orders from overseas buyers. The facility allots 10 cubicles on a first-come, first-served basis for three months.”

Under the India-UAE CEPA, India can import 140 metric tons of gold from the UAE at a 1 per cent concessional rate. Indian jewellery exports to the UAE meanwhile are now 5 per cent cheaper versus competitors, according to GJEPC. 

GJEPC Vice Chairman Kirit Bhansali said the group is looking at setting up more jewellery exposition centres globally to benefit Indian enterprises.