Dubais top Indian jewellery importer cuts volumes 30pc as gold prices soar
24 September (PTI) Bafleh jewels, one of the largest Indian jewelery importers of the Middle East, bother with light designs and bullion prices rising under low -carat.
Ramesh Vora, the company’s general manager, said that the Dubai-based company imported 600-700 kilograms of jewels from India in the first eight months of the current financial year and was looked at 1.2 tons for the entire last year.
While import values increase, gold prices rose from $ 2,200-2,500 to USD in three months to USD, the volume fell 20-30 percent.
“People can no longer meet this. We think that gold can reach 4,000 USDs.” He said.
The company plans to introduce 14 Karat jewels next month by working with the suppliers in Calcutta and Delhi to maintain color quality while reducing its gold content.
Strategy change reflects the wider difficulties faced by jewelery importers as they create changes in US dollars.
Bafleh jewels benefit from Dubai’s customs-free imports within the scope of Dubai’s special import promotion authority (SIPA) with India, but increased bullion costs still reduced overall work by 30-40 percent.
The company maintains strong export relations in Africa, where it has the best market positions in Senegal, Ethiopia and Nigeria. Australian customers operate in a swap system, bringing gold sticks to shop for finished jewels that follow these transactions from price volatility.
Vora, customer preferences between the markets recorded. African buyers focus on traditional designs rather than light alternatives and continue to demand heavy jewelry sets weighing 200-300 grams.
“They don’t think of light jewels in Africa. They’re just going for design.”
The company runs its own design house to create special parts for suppliers in India.
Despite pricing prints, Vora expressed confidence in India’s market position. Bafleh jewels received awards from India for the highest imports in 2015, 2018 and three years in a row until 2022.
India’s workmanship from Italy, Türkiye, Singapore and Indonesia, as opposed to machine -making alternatives, “Nobody can overcome Indian jewels, because it is completely handmade.”
“Indian jewels still number one in the world and nobody can compete.”
