Ashish Sakhardande highlights opportunities for Indian designs in UAE, with 46% of imports coming from India

The session underscored the cost advantages and other benefits of using the IJEX Dubai platform

Mumbai: At the IIJS Premier 2024, Ashish Sakhardande, Head of IJEX – Indian Jewellery Exposition Dubai, delivered a compelling presentation on leveraging IJEX Dubai to penetrate the lucrative Middle Eastern jewellery market.

 Sakhardande’s session, titled ‘Building Your Jewellery Business in the Middle East through IJEX Dubai’, offered an in-depth look at market dynamics, trends, and the value proposition IJEX provides to emerging and established jewellery businesses.

Sakhardande highlighted that India supplies 46% of the UAE’s jewellery imports, showcasing a significant market for Indian designs. He also discussed market segmentation, pointing out that 68% of UAE retail jewellery stores are small, with just 1 to 5 outlets. This creates numerous opportunities for direct engagement with retailers. The 22K gold retails shops have been predominantly high in numbers with 52% in retail segmentation.

According to Sakhardande, the retail growth is accelerating in UAE with 87 new retailers entering the sector. He elaborated key market trends such as the opportunity to tie up with big retail chains for gold exports, gemstones and CVD, and a shift towards diamond jewellery as consumers move away from traditional gold designs. The popularity of gemstones is on the rise, reflecting a broader consumer trend towards innovative and lighter jewellery designs.

 Notably, millennials, who comprise 31% of the UAE workforce and 4% of Indians, are influencing market trends with their preference for lightweight and Arabic-inspired designs.

Sakhardande emphasised the strategic significance of IJEX Dubai’s platform, offering cost-effective market entry compared to traditional setups. A typical 10-square-meter office space in Dubai would cost around $7,800 monthly, whereas IJEX offers a significantly lower cost at Rs 450,000 (approx. $5,500) for a three-month period. This includes support with buyers, regulatory issues, market expertise, networking opportunities and even arrangements for exhibitions to participate in.

Over a year since its inception, IJEX has significantly impacted the industry, incubating 27 exporters and facilitating the launch of four successful businesses. To understand the market, Sakhardande highlighted the urban and rural population statistics of Indians in UAE, where 38% of jewellery buying activity originates. He also added that tourism plays a vital role in UAE’s jewellery industry because Dubai welcomed 9.31 million overnight visitors, in January to June 2024, 9% increase from the previous years. This insight illustrates the growing consumer base and evolving preferences in the region.

Written by Pratyasha Kumari

Retail Jeweller India Exclusive