With the US imposing a steep 50% tariff on Indian gems and jewellery, exporters are shifting their attention to the Middle East, particularly Saudi Arabia. According to the Gem and Jewellery Export Promotion Council (GJEPC), shipments to Saudi Arabia surged 45% to $151.5 million in 2024–25, with studded jewellery exports jumping 55%. Saudi Arabia’s jewellery market, valued at $4.2 billion today, is projected to nearly double to $8.34 billion by 2030, making it an attractive alternative market.
The US remains India’s largest buyer, accounting for $10 billion annually—almost 30% of the sector’s global trade. However, the new tariff has forced exporters to diversify. Cut and polished diamonds, which send nearly half of their exports to the US, are the most affected. To counterbalance the setback, GJEPC organized the Saudi Arabia
Jewellery Exposition (SAJEX 2025) from September 11–13 at the Jeddah Superdome, backed by India’s Ministry of Commerce & Industry and Saudi Arabia’s Ministry of Investment.
The exhibition featured over 100 exhibitors across 200 booths, drawing nearly 2,000 international buyers from Saudi Arabia, UAE, Hong Kong, Lebanon, and India. Highlighting the growing partnership, Indian ambassador Dr. Suhel Ajaz Khan noted that the event “will open the doors to more trade, collaborations, investments, and partnerships.”
India-Saudi trade reached $42 billion in FY 2024–25, cementing India as Saudi Arabia’s second-largest trading partner. GJEPC chairman Kirit Bhansali emphasized that with Saudi Arabia’s $1.1 trillion economy and rapidly expanding luxury retail market, the Gulf nation is set to become a key hub for Indian jewellery exports.
