Mumbai: Gem and Jewellery Export Promotion Council on Tuesday launched India Jewellery Exposition Centre, a 365-day exhibition platform, in Dubai to commemorate the first anniversary of the Comprehensive Economic Partnership Agreement. “CEPA is one of the most ambitious pacts.
India’s exports to UAE have exceeded USD 30 billion, with gems and jewellery and plastics deriving benefits from lower-priced inputs. GJEPC (Gem and Jewellery Export Promotion Council) has set up IJEX and I see tremendous value in such initiatives.
“CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships,” Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar said in a statement.
The Comprehensive Economic Partnership Agreement (CEPA) has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16 per cent to reach USD 84.5 billion in 2022-23 from USD 72.9 billion the previous year.
Of this, India’s exports to the UAE grew by 11.8 per cent to USD 31.3 billion, with the gem and jewellery sector witnessing a surge of 16.54 per cent to USD 5.77 billion.
“The gems and jewellery sector is among the industries that have gained significantly from CEPA. India’s exports in this sector have witnessed impressive growth.
“I am sure the Indian jewellery industry would make the most of this opportunity and take the exports of the gem and jewellery exports to the pre-Covid level of USD 10 billion to the UAE soon,” GJEPC chairman Vipul Shah added.