GJC unveils CEPA benefits for jewellery exports to the UAE in a seminar

Over 100 jewellers from India and key importers from the UAE attended the seminar, marking a significant step towards fostering bilateral trade relations 

Dubai: The All India Gem & Jewellery Domestic Council (GJC) recently orchestrated a seminar aimed at enlightening Indian jewellers on the lucrative opportunities presented by the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). Held at the Hyatt Regency Dubai, the seminar attracted over 100 jewellers from India and key importers from the UAE, marking a significant step towards fostering bilateral trade relations. 

India’s strategic alliance with the UAE, forged through the CEPA agreement signed in March 2022, has opened avenues for substantial growth in the gems and jewellery sector. Under this pact, the import duty on jewellery exports from India to the UAE has been slashed from 5 percent to zero, offering Indian jewellers a competitive edge in the lucrative UAE market. 

During the seminar, four panel discussions delved into the myriad benefits of India’s gems and jewellery exports to the UAE, elucidating on the sector’s potential for exponential growth. Topics ranged from international financing to navigating the evolving business landscape and establishing enterprises in the UAE. 

Nilesh Shobhawat, GJC NextGen convener, set the tone for the seminar, emphasizing the transformative impact of the CEPA agreement on India’s jewellery exports. The bilateral pact aims to elevate India’s gems and jewellery exports to the UAE to over US$10 billion annually, with provisions allowing India to import up to 120 tonnes of gold from the UAE at a nominal 1 percent import duty. 

Saiyam Mehra, Chairman of All India Gem & Jewellery Domestic Council, hailed the CEPA agreement as a catalyst for compounded growth in India’s jewellery industry, citing the sector’s renowned attributes such as low labour costs, superior quality, and distinctive craftsmanship. He lauded the favourable policy decisions in the UAE, which have expedited under the CEPA pact, offering Indian exporters an unprecedented opportunity to export value-added products at reduced duty rates. 

Rajesh Rokde, vice chairman of GJC, underscored the immense demand for Indian jewellery in the UAE markets, owing to its exquisite designs, lustrous appeal, and fusion of cultural and contemporary styles. He highlighted GJC’s role in facilitating gems and jewellery exports to the UAE, leveraging its extensive network of over 3000 jewellers, 250 jewellery associations, and more than 65,000 partners. 

Jewellers echoed sentiments on leveraging technology to enhance efficiency, transparency, and resilience across the value chain, underscoring the limitless opportunities presented by advancements in artificial intelligence and fintech solutions. 

Tawhid Abdullah, CEO of Jawhara Jewellery LLC, Dubai, emphasized the pivotal role of enhanced jewellery exports in strengthening bilateral ties between India and the UAE. He envisioned the UAE as a gateway for Indian jewellers to penetrate the Middle East, North America, and European markets, fostering greater business expansion and economic prosperity. 

Courtesy: Retail Jeweller ME News