Indian jewellers eye Saudi Arabia as US tariffs squeeze exports

With the US imposing 50% tariffs on Indian exports, gem and jewellery exporters are widening their presence in Europe and West Asia.

To boost exports, the Consulate General of India in Jeddah and the Gem & Jewellery Export Promotion Council (GJEPC) hosted the Saudi Arabia Jewellery Exposition (SAJEX) 2025 from September 11–13 at the Jeddah Superdome. The international B2B event brought together industry leaders from India and Saudi Arabia.

India is Saudi Arabia’s second-largest trading partner, while Saudi Arabia ranks as India’s fifth-largest, with bilateral trade at $42 billion in FY25. Jewellery exports from India to Saudi Arabia surged 45% in FY25 to $151.5 million, led by a 55% jump in studded gold jewellery. GJEPC projects the Saudi jewellery market will nearly double to $8.34 billion by 2030.

"Saudi Arabia is a large market and could potentially be a billion-dollar export market in the long term," said Colin Shah of GJEPC.

Exporters emphasised the need to diversify beyond the US. Priyanshu Shah of Asian Star Company pointed to strong European demand for design-led, sustainable jewellery, while West Asian buyers continue to prefer artisanal statement pieces. Nikhil Parekh of Hasmukh Parekh Jewellers noted rising global demand for Bengal craftsmanship and urged more FTAs with West Asian countries to expand India's jewellery trade.

India already has an FTA with the UAE, is close to sealing one with Oman, and expects to finalise talks with Qatar in October. A bilateral investment treaty with Saudi Arabia is also under negotiation, alongside broader GCC-level discussions.

SAJEX featured more than 200 exhibitors across 250+ booths, showcasing diamond, coloured gemstone, gold, and lab-grown jewellery, as well as bridal collections and technology-led innovations. The exhibition concluded with the World Jewellery Investment Forum, supported by Saudi Arabia’s Ministry of Investment and local chambers of commerce, to deepen bilateral trade and position the Kingdom as a global jewellery hub.