SAJEX kicks off in Jeddah: India targets Saudi Arabia's USD 8.3bn jewellery market

Jeddah, Sep 11 (PTI) India kicked off a three-day jewellery trade exposition in Saudi Arabia on Wednesday, targeting the kingdom's luxury market that is projected to reach USD 8.34 billion by 2030.

The Saudi Arabia Jewellery Exposition (SAJEX) opened at Jeddah Superdome with over 200 exhibitors from India, Saudi Arabia, UAE, Turkey, Hong Kong and Lebanon showcasing products across 250-plus booths.

The Gem & Jewellery Export Promotion Council (GJEPC), India's apex trade body, organised the event with support from the Ministry of Commerce & Industry to diversify export markets beyond traditional destinations.

"With its jewellery market projected to nearly double from USD 4.56 billion in 2024 to USD 8.34 billion by 2030, the Kingdom is fast emerging as a key destination for modern and luxury jewellery," GJEPC Chairman Kirit Bhansali said at the opening ceremony.

As Saudi Arabia positions itself as a global tourism hub, jewellery demand will come not only from citizens but also from millions of international visitors experiencing the kingdom's rich culture and luxury offerings, he said.

"Together, we complement each other perfectly - India as the trusted source, and Saudi Arabia as a global hub for gems and jewellery," Bhansali said, adding that SAJEX is a proactive step towards expanding India's jewellery exports to high-potential markets.

India exports USD 32 billion worth of gems and jewellery annually, making it a leading global supplier seeking new growth markets.

The three-day event expects to attract over 2,000 international buyers to view diamond and coloured gemstone jewellery, platinum pieces, lab-grown diamond products and jewellery manufacturing technology.

A World Jewellery Investment Forum, co-hosted by GJEPC and Saudi Arabia's Ministry of Investment, will bring together government officials, brands and investors to explore partnerships across the jewellery value chain.

"This initiative opens new avenues for bilateral partnerships and contributes meaningfully to Saudi Arabia's Vision 2030 goals," said Suhel Ajaz Khan, India's ambassador to Saudi Arabia.

Siddharth Mahajan, Joint Secretary, Ministry of Commerce & Industry, said SAJEX arrives at an opportune time given India's unparalleled position as the world's top exporter of cut and polished diamonds and leading player in gold, platinum and gems.

"One of the most exciting facets of this exposition is the unique collaboration between Saudi designers and Indian manufacturers. By combining Saudi creative vision and cultural aesthetics with India's world-class manufacturing facilities, we are creating jewellery collections that are both authentic and innovative, perfect for the Saudi market," Mahajan added.

The exposition aims to position Saudi Arabia as a regional hub for jewellery design and investment while strengthening trade ties between the two countries.

Saudi Arabia, with a USD 1.1 trillion economy, represents the Gulf's largest market as Indian exporters look to reduce dependence on traditional Western markets.

With Saudi Arabia's young, urban demographic driving demand for contemporary designs in 18K and 21K gold segments, Indian manufacturers see significant potential for market expansion.

The exposition, running through Friday, positions itself as "The World Gem and Jewellery Fair" and aims to establish a permanent platform for India-Saudi trade collaboration in the sector.

Key officials present at the event included Fahad Al Jubairy, Assistant Deputy Minister for Industrial Investment at the Ministry of Industry and Mineral Resources; Princess Nourah Al-Faisal, designer and industry leader; Khalid A. Al-Sheddi, General Manager, Investors Relations at the Ministry of Investment; and Fahad Ahmed Khan Suri, Consul General of India in Jeddah. PTI LUX MR