The Comprehensive Economic Partnership Agreement (CEPA), signed between India and the UAE, will boost the gems and jewelry industry and help the sector achieve the target of $52 billion exports in 2022-23, the Gem and Jewellery Export Promotion Council (GJEPC) said on Friday.
''On the export front, the CEPA with the UAE will benefit the gems and jewelry industry the most. With CEPA we are confident to achieve the set target of $52 billion gem and jewelry exports for the next financial year," GJEPC chairman Colin Shah said in a statement.
On the recently concluded 4-day India International Jewellery Show (IIJS) Signature 2022, Shah said overall, the show generated an estimated business of Rs 5,000 crore business.
''We put up IIJS Signature 2022 in a record time of just three weeks. The rise in diamond prices by almost 50 percent since last September had left the buyers skeptical about their buying decision. However, IIJS Signature turned out to be a testing ground for buyers, who wanted to compare rates between exhibitors on the show floor,'' he noted.
Since the price rise was uniform, it offered assurance to buyers and propelled them to book orders, and overall, IIJS Signature 2022 generated an estimated business of Rs 5,000 crore, he added.
(With inputs from PTI)