Summary:

According to the Gem & Jewellery Export Promotion Council (GJEPC), the Middle East is emerging as a significant market for Indian jewellery exporters, with rising demand for studded gold jewellery in Saudi Arabia and Kuwait. Recent data indicate that these regions are growing faster than traditional markets like the United States and China. Saudi Arabia (+26.05%) and Kuwait (+87.99%) have seen substantial increases in exports due to their participation in the India International Jewellery Show (IIJS).

Mr. Vipul Shah, Chairman of GJEPC, emphasized that these underserved markets offer opportunities for studded jewellery. From April to July 2024, exports of plain gold jewellery surged by 35.77% in Malaysia, 75.86% in Australia, 30.65% in Canada, 102.89% in France, and 207.46% in Oman. The India-UAE CEPA and reduced import duties have boosted direct purchases. Additionally, Saudi Arabia's new direct supply channels and the absence of lab-grown diamonds are contributing to the growth in natural diamond jewellery exports.

Source: IBEF

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