The 4th edition of the International Gem & Jewellery Show (IGJS) Dubai 2024, organized by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off today in a grand fashion. This exclusive event, co-sponsored by Suntech Business Solutions and supported by the Dubai Gold & Jewellery Group, showcases the finest Indian gems and jewellery, reinforcing India’s role as a global jewellery hub.

The inauguration ceremony saw the participation of several high-profile dignitaries, including Satish Kumar Sivan, Consul General of India, Dubai; Kirit Bhansali, Vice Chairman of GJEPC; Chandu Siroya, Vice Chairman of the Dubai Gold & Jewellery Group; Tamjid Abdullah, Group Deputy CEO of Jawhara Jewellery, UAE; KP Abdul Salam, Vice Chairman of Malabar Gold & Diamonds; Ramesh Vora, GJEPC Middle East Coordinator; Nirav Bhansali, Convener of National Exhibitions at GJEPC; and Sabyasachi Ray, Executive Director of GJEPC. The event’s prestigious guest list highlights the increasing collaboration between the gem and jewellery sectors of India and the UAE.

Satish Kumar Sivan, speaking at the inauguration, stated, “The gem and jewellery sector is key for both India and the UAE as they work towards increasing their non-oil trade, targeting $100 billion in bilateral commerce. The trade has already seen notable growth, with the gem and jewellery sector contributing $28 billion in 2023-24, the highest-traded commodity between the two nations. The success of India’s exports, particularly to the UAE, with a 40% increase to $8 billion, reflects the positive impact of the India-UAE CEPA agreement.”

Echoing this sentiment, Chandu Siroya added, “The CEPA agreement offers a unique opportunity for both countries. With Dubai being a major distribution hub and India leading in production, the future looks promising, especially as we approach the festive season, where consumer interest in jewellery is peaking.”

Kirit Bhansali, in his welcome speech, emphasized the strategic importance of IGJS Dubai, saying, “This show has become pivotal in cementing deeper trade relations between India and the UAE. In 2023, jewellery exports to the UAE reached $8 billion, with notable increases in plain gold jewellery by 102% and studded jewellery by 25%. The growing demand from the broader Middle East, including Saudi Arabia, Kuwait, and Oman, underlines the importance of this event in catering to evolving regional needs.”

IGJS Dubai 2024 boasts a remarkable lineup of 30 top manufacturers, displaying a wide array of diamond-studded, gemstone-studded, and gold jewellery. Over 300 international buyers from key markets, including the UAE, Saudi Arabia, Qatar, Kuwait, the USA, UK, Russia, and Africa, are attending, amplifying the global reach of the event.

Addressing the current challenges in the global jewellery market, Bhansali noted, “The global gem and jewellery industry is facing headwinds, particularly in key markets like the USA and China. India, being a crucial player in the mid-stream segment, is taking proactive steps to increase demand. Collaborations with De Beers and the Natural Diamond Council for generic diamond promotions and with the World Gold Council to drive gold jewellery demand are part of our strategy to capture a larger share of the luxury market.”

Nirav Bhansali acknowledged the UAE’s significance as a growing consumer hub, fueled by its booming tourism and initiatives like Saudi Arabia’s Vision 2030 and Qatar’s Tourism Strategy 2030. These efforts, coupled with India’s jewellery craftsmanship, ensure sustained growth for both nations.

To strengthen trade ties, GJEPC has established the India Jewellery Exposition (IJEX) in Dubai, a B2B platform offering year-round opportunities for GJEPC members to showcase their products. Additionally, GJEPC organizes 20 India Pavilions across global trade fairs, further bolstering India’s presence on the international stage.

With IGJS Dubai 2024, GJEPC aims to achieve a 20% boost in jewellery exports to the UAE, laying the foundation for robust trade in the coming fiscal year.