India’s gold exporters find Dubai, GCC lucrative markets
Sun, Sep 22 2013
Over 35 finest and leading Indian gold jewellery manufacturers are participating in the first edition of the two-day Dazzling Dubai Buyer Seller Meet, being held in Dubai on Saturday and on Sunday.
According to CEO, Dubai Events & Promotions Establishment, Govt of Dubai, Laila Mohammed Suhail, who inaugurated the event, “I am sure that this event will grow in years to come and become part of Dubai events calendar.”
Most of the participating jewellery chains are new to the Dubai and GCC market where now they will be able to export rare Indian jewellery, like the most sought-after temple jewellery, by Indians abroad, direct to the Dubai gold market, the hub of gold business in the GCC and Mena region, Chairman Board Director of Dubai Gold and Jeweellery Group (DGJG), the organisers of the exposition, said.
“Since the Government of India has made it manadatory for Indian gold jewellery industry to export 18-20 per cent of their production and procurement, jewellers are wooing Dubai and other markets for export of gold jewellery. This has made many new comers to try Dubai market. Another thing is that with this B2B interaction, they can find new avenues of export without the help of middlemen,” he said.
This view was supported by Managing Director of Joy Alukkas Group Joy Alukkas, Group Executive Director of Malabar Group of Companies Abdul Salam KP, Director AOJ Media Pvt Ltd PV Jose , General Manager of Sky Jewellery Cyriac Varghese and some of the other seller representatives who have come from India.
The 10 per cent tax on gold bar and 15 per cent tax on gold jewellery, now imposed by the Indian government on gold imports, are, however, adversely affecting bullion buyers in India who are now hesitating to buy gold bullion and instead go for manufactured jewellery import. “There comes the government insistence on 29 per cent export to support the economic downturn. This will help jewelers in Dubai like us. We do not have outlets in India,” Varghese said.
Alukkas, however, added that the dollar vs Indian rupee rate and sale of gold jewellery did not have considerable relations. Chittilappally said that people who had money “had already invested in gold during the initial two months of the crash of Indian rupee. Now the effect has normalised.”
“I strongly believe that in the long run, say two or three years from now, gold will regain its strength and the prices will go up. The future of gold is very bright,” Alukkas said.
The Dazzling Dubai event is showcase India’s proud heritage in jewellery manufacturing and aesthetics, Managing Partner of Fusion Trends of South, one of the first time sellers of temple jewellery in Dubai, KH Arjun, said.
The two-day event, organised by AOJ Media Pvt Ltd under the auspices of the Indian Jewellers of Excellence (IJE) in association with Dubai Gold & Jewellery Group, has brought a host of leading Indian jewellery manufacturers in direct contact with top jewellery retailers of Dubai and GCC region.
Speaking on this occasion Suhail said: “This event is a great B2B opportunity and jewellery retailers from Dubai and UAE market will immensely benfit from it. I am sure this event will grow in years to come and become part of Dubai events calendar. We have been supportive of DGJG initiatives to promote gold and jewllery business in Dubai.”
Source: gulftoday
Source:BullionBulletin