GJEPC’s Indo-UAE Global Connect Explores Opportunities To Further Strengthen Trade Ties
The Gem and Jewellery Export Promotion Council (GJEPC) hosted another edition of India Global Connect, a business networking meet, with the United Arab Emirates (UAE) on 23rd September 2021. The meet provided a virtual platform to the gem and jewellery manufacturers, retailers and wholesalers from India to connect with the trade in the UAE to explore business opportunities.
The participants discussed the current economic and business scenario, jewellery trends, trade procedures, to further strengthen ties between the two countries. The virtual meet was attended by H.E. Pavan Kapoor, Indian Ambassador to UAE; Arulanandan, Director, Ministry of Commerce & Industry; Kalimuthu, Consul Commerce; Colin Shah, Chairman GJEPC; Milan Chokshi, Convener, PM&BD, GJEPC; Mansukh Kothari, Convener, Events, GJEPC; Konal Doshi of Modern Impex; Anish Birawat of Chain & Chains; K Srinivasan, Convener, Gold Panel, GJEPC; Dilip Shah, Convener, International Exhibitions; Justin Sunny of Joyalukkas; Dr. Motaz Al Shueibi of Salem Al Shueibi Jewellery; Chandu Siroya of Siroya Jewellers; Ajay Mathur, Bullion Expert; Ramesh Vora of Bafleh Gold; Amit Dhamani of Dhamani Diamonds; and Arjun Dhanak of Kanz Jewels. The moderator for the event was Sabyasachi Ray, Executive Director, GJEPC.
Pavan Kapoor said, “Citizens in UAE have an increased appreciation for Indian designs and that is an opportunity that can be tapped into. The pandemic saw a dip in these numbers but as long as the trade momentum is maintained, this sector will be an important component of the two countries’ progress. We have formally launched negotiations for a comprehensive economic partnership agreement between our two countries during the visit of the UAE Minister for Foreign Trade Dr. Thani on 22nd September. This is a very significant development, and we had the first round of negotiations in Delhi. I am quite hopeful that we will see early results which will have implications also for the gems and jewellery sector.”
Arulanandan said, “The gem and jewellery sector is the key driver today despite being hit by the pandemic. Exports have grown to 266% as compared to last year. UAE and India have a good trade relationship and there is further scope of improvement in gem and jewellery exports to UAE. We believe that there is huge potential to increase bilateral trade between the two countries as UAE is one of India’s largest gem and jewellery trading partner. This interaction is a great platform organised by GJEPC to discuss the challenges and issues faced. We assure full support to deepen engagement and build new connections in the country.”
Sabyasachi Ray added, “The Honourable Prime Minister has set an ambitious target of reaching USD 400 billion in global merchandise exports this fiscal year. So far, we are on the right track and Indian exports have increased substantially and will reach pre-covid levels soon. We look forward to working with UAE to accomplish this target. We plan to host the International Gem and Jewellery Show in Dubai next month. This will be the first physical international B2B event that will help both the countries’ retailers, manufacturers and wholesalers to network and explore opportunities to strengthen this relationship.”
The key takeaways from the discussion are:
- In the financial year 2019-20, total trade with UAE was valued at USD 17.3 billion and in 2020-21 the total trade accounted for USD 12.2 billion. The two countries will work together to revive the trade to pre-covid levels.
- India will focus on organising physical or virtual exhibitions in UAE to increase trade.
- Designers from UAE will host meetings with Indian manufacturers to mould the designs according to local preferences.
- The Embassy and Government of India and UAE will work towards easing the visa procedures and making gem and jewellery trade more accessible.
- India to leverage its skilled workforce and world-class infrastructure for producing gem and jewellery products in SEZs. India will also extend strong support from trade associations and bodies.