16-07-2025
Jewellery sector eyes Middle East as US tariff threat grows
Surat: With the looming threat of US tariffs on the Indian economy, the gem and jewellery sector is turning to alternative markets, particularly in the Middle East. A steady decline in exports remains a concern, but these smaller emerging markets offer a glimmer of hope for the struggling industry.
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In one such initiative, the Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the gem and jewellery trade in India, with the support of the Ministry of Commerce and Industry, Govt of India, the Embassy of India in Riyadh, the Consulate General of India in Jeddah, and the Dubai Jewellery Group, successfully launched the Saudi Arabia Jewellery Exposition (SAJEX) through two curtain-raiser events in Jeddah and Riyadh recently.
The twin events witnessed an overwhelming response from over 280 key Saudi stakeholders, including top retailers, wholesalers, and manufacturers.
Later this year, a three-day event, SAJEX 2025, will take place from Sept 11 at the iconic Jeddah Superdome.
"As part of its ongoing efforts to diversify export markets and explore untapped opportunities, GJEPC is unlocking the growing potential of Saudi Arabia, the Gulf's largest economy, with a GDP of $1.1 trillion.
With its jewellery market projected to nearly double from $4.56 billion in 2024 to $8.34 billion by 2030," said GJEPC in a statement.
Saudi Arabia is fast emerging as a key destination for contemporary and luxury jewellery. A young, urban population and a dynamic retail environment are driving demand for 18 karat and 21 karat plain gold, diamond-studded jewellery, and premium design-led products. Against this backdrop, SAJEX becomes an important strategic step to strengthen India-Saudi Arabia ties and expand India's jewellery footprint in the Middle East and beyond.
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SAJEX, positioned as "The World Gem and Jewellery Fair," marks the beginning of a long-term partnership between India and Saudi Arabia in the jewellery sector. India, as the global hub for jewellery manufacturing, will showcase its exceptional craftsmanship, cutting-edge design, and manufacturing expertise at this platform, which will feature over 200 leading exhibitors across more than 250 booths from India, Saudi Arabia, UAE, Turkey, Hong Kong, and Lebanon.
The event will witness over 2,000 international buyers, and the product showcase will span diamond and coloured gemstone-studded jewellery, plain gold jewellery, along with cutting-edge jewellery technology.
"What makes SAJEX truly unique is its long-term vision to foster enduring partnerships between international manufacturers and Saudi retailers through a focused B2B platform tailored to the Kingdom's evolving market.
At the heart of this effort is the World Jewellery Investment Forum, co-hosted by GJEPC and the Ministry of Investment of Saudi Arabia," GJEPC said. This high-level forum will bring together govt leaders, global brands, investors, and industry experts to explore strategic opportunities across the jewellery value chain, positioning Saudi Arabia as a future hub for jewellery design, innovation, and investment.
"Amidst a dynamic global trade environment, SAJEX is a proactive step towards expanding India's jewellery exports to high-potential markets like Saudi Arabia. The Kingdom, with its evolving luxury retail ecosystem, young consumers, and strong appetite for design-led gold and diamond jewellery, presents an exciting frontier for Indian manufacturers. SAJEX marks the beginning of a shared journey between India and Saudi Arabia, positioning the two nations as a formidable force," said Kirit Bhansali, chairman, GJEPC.
"With India as a leading global supplier of gems and jewellery, exporting $32 billion annually, and Saudi Arabia's jewellery market projected to nearly double to $8.34 billion by 2030, this partnership is set to reshape the industry and set new benchmarks for collaboration, innovation, and growth across the region and beyond," Bhansali added.
