The Middle East is rapidly emerging as a significant market for Indian jewellery exporters, with countries such as Saudi Arabia and Kuwait demonstrating a notable increase in demand for studded gold jewellery. According to the Gem & Jewellery Export Promotion Council (GJEPC), recent data highlights a positive trend in these regions, showing substantial growth beyond traditional markets like the US and China.

Growth in Exports

The GJEPC reports a remarkable increase in exports to Saudi Arabia, which surged by 26.05%, while Kuwait experienced an astonishing rise of 87.99%. Other regions such as Bahrain and Malaysia have also seen rising exports, driven by increased buyer participation at the India International Jewellery Show (IIJS) events, including Premiere, Signature, and Tritiya.

Mr. Vipul Shah, Chairman of GJEPC, emphasized that these markets are relatively under-explored but offer significant opportunities. The labour-intensive nature of studded jewellery aligns well with sophisticated global demands, making Indian products increasingly appealing.

Expanding Market Opportunities

Exports of plain gold jewellery have significantly risen from April to July 2024 in new markets, showcasing impressive growth rates: Malaysia (+35.77%), Australia (+75.86%), Canada (+30.65%), France (+102.89%), and Oman (+207.46%). Mr. Konal Doshi of Modern Impex noted that the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and recent reductions in import duties have made Indian jewellery more competitive, encouraging direct purchases from India rather than through Dubai.

Direct Supply and Natural Diamonds

Mr. Anil Sankhwal, Managing Partner of J.H. Jewellers, pointed out that Saudi Arabia has recently opened up to direct supply, thereby reducing its reliance on Dubai as a transit point for jewellery imports. Furthermore, the absence of lab-grown diamonds in the Middle East has bolstered exports of natural diamond jewellery to the region, further enhancing India’s position in this lucrative market.

As the demand for Indian jewellery continues to grow in the Middle East, stakeholders are optimistic about the future, driven by expanding opportunities and strategic trade agreements.

For further updates on similar issues and investment opportunities, explore the Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and stay informed with the Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News- Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for stock market trading insights and the Finance Saathi Telegram Channel for regular updates on share markets and IPOs.

Start your stock market journey by opening a free demat account with Choice Broking FinX.