Surat: With the US market slipping out of reach following a 50% tariff on Indian imports, the country’s gem and jewellery makers are shifting focus to the Middle East. Exporters see Saudi Arabia as a key growth destination, with shipments rising 45% to $151.5 million in 2024-25 and studded jewellery exports alone jumping 55%, according to the data shared by the Gem and Jewellery Export Promotion Council (GJEPC).Saudi Arabia’s jewellery market is projected to nearly double to $8.34 billion by 2030, according to global estimates. The US remains largest buyer of India-made gems and jewellery, accounting for more than $10 billion annually — nearly 30% of the sector’s global trade. Cut and polished diamonds alone send half their exports to the US, but the steep tariff is a significant setback.Compared to the US, other markets are smaller, but efforts are being made to expand the business. GJEPC organized the Saudi Arabia Jewellery Exposition (SAJEX 2025) from Sept 11 to 13 at the Jeddah Superdome. The event was supported by India’s Ministry of Commerce & Industry, the Embassy of India in Riyadh, the Consulate General of India in Jeddah, and Saudi Arabia’s Ministry of Investment.“India-Saudi trade touched $42 billion in FY 2024–25, with India now Saudi Arabia’s second-largest trading partner and Saudi Arabia its fifth-largest partner. Gems and jewellery is a recognised pillar of India’s exports to Saudi Arabia, alongside engineering goods, food, textiles, and chemicals,” said GJEPC in a statement.The exhibition saw participation from over 100 exhibitors across 200 booths, with representatives from India, Saudi Arabia, UAE, Hong Kong, and Lebanon, and close to 2,000 international trade buyers attended. Dr Suhel Ajaz Khan, ambassador of India to Saudi Arabia, during the exhibition stated, “This is the first big gems and jewellery exhibition that we organized in partnership with Saudi Arabia. It will open the doors to more trade, collaborations, investments, and partnerships. India and Saudi Arabia are very strong partners across various sectors, particularly in the economic sector.”Kirit Bhansali, chairman, GJEPC, said, “The jewellery market in Saudi Arabia is expanding at a remarkable pace, with estimates suggesting it will reach $8.34 billion by 2030. As the Gulf’s largest economy, with a GDP of $1.1 trillion, Saudi Arabia is fast emerging as a key player in the global luxury and retail landscape.”
