The Comprehensive Economic Partnership Agreement (CEPA) is a great step forward for both the nations and we were eagerly awaiting its implementation on 1st May 2022. CEPA is expected to grow the trade between India and UAE to USD 100 billion in the next 5 years. The successful adoption and implementation of CEPA is a great achievement for the leadership of both nations and the team led by HE Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; HE Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Shri. Piyush Goyal, Hon. Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India.
CEPA with India will help UAE establish itself as the ‘Jewellery Gateway' to the world and further enhance the already robust jewellery retail and wholesale business here reinforcing UAE as the preferred jewellery destination offering the best quality, design options and price to shoppers (resident, transit, and tourists alike). With our global operations hub based in Dubai and considering that UAE is discussing CEPA with other major countries, we are poised and encouraged to optimise and leverage our strategic location to achieve our global business ambitions.
India will be able to boost ‘Make in India; Market to the World' initiative and can promote OEM manufacturing of jewellery in India for global brands in addition to boosting jewellery exports, creating employment and skill development opportunities in the country. Malabar Gold & Diamonds being the largest jewellery retailer crafting, promoting, and selling jewellery that is an intersection of Indian art, culture, heritage, and tradition to a global audience across 10 countries will be able to enhance its' contribution to the industry and continue taking the lead role as an Indian international jewellery brand.
The gems and jewellery industry achieved a trade of USD 10 billion last year and it is expected to grow by a minimum of 50%. Aided by simplified and digitally enabled procedures of CEPA and evaluating the global opportunity, we expect our imports to grow a minimum of 100% in the coming year. We expect our first shipment after CEPA implementation to reach UAE on 2nd May 2022, which might auspiciously also be Eid Al-Fitr.
Benefit for UAE
• Establish itself as the ‘Jewellery Gateway' to the world replacing the likes of Hong Kong, Italy, etc
• Enhance the already robust jewellery retail and wholesale business
• Reinforce UAE as the preferred jewellery destination as it already offers the best price, quality, and design offerings.
• Promote setting up of more organised wholesale of Indian manufactured jewellery
• This development will make the pricing of Indian manufactured jewellery even more attractive to shoppers (resident, transit, and tourists) in UAE
Benefit for INDIA
• ‘Make in India and Market to the World'
o This initiative aims to introduce jewellery manufactured in India to the global audience.
o The craft of jewellery making in India is the most ancient in the world and embodies the country's heritage and multifaceted culture. With the impeccable strength of some of the finest jewellery artisans, India has an undeniable status as the handcrafted jewellery capital of the world.
• Boost exports, create employment and skill development opportunities in the country across various fields including jewellery manufacturing, sale, supply chain, and IT.
• The increase in export will further boost the country's industrial & economic growth.
• Create more job opportunities in the manufacturing sector domestically.
• Promote OEM manufacturing of jewellery in India for global brands
• Malabar Gold & Diamonds is the largest jewellery retailer crafting, promoting, and selling jewellery that is an intersection of Indian art, culture, heritage and tradition globally and contributes greatly to the industry for taking the lead role as an Indian international jewellery brand in showcasing to the global audience.
• The new development will enable MGD to further enhance and promote the organisational vision using UAE as its international hub.