Transguard signs deal to transport and safeguard diamonds and jewellery from India
Estimated to handle AED 100 million worth of gems and jewellery in 2023 with year-on-year growth predicted
Dubai, UAE, 12 May 2023: India’s gems and jewellery exports to the UAE have surged in the past year, thanks to the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, and there’s no one better to protect these precious and priceless items than Transguard. Part of the Emirates Group, award-winning Transguard is the most trusted security and facilities management team in the country.
Transguard has recently signed an exclusive deal with the Gem and Jewellery Export Promotion Council of India (GJEPC), the autonomous, apex body of the industry with more than 9,000 members. With this deal, Transguard will provide end-to-end logistics support – from round-the-clock transportation and door-to-door services to vault management and the safe storage of diamonds and jewellery. The division routinely and securely transports billions of dollars’ worth of gems, jewellery, cash and other valuables in a year.
GPJEC has set up its first international office, the India Jewellery Exposition (IJEX) centre, in the historic Dubai Gold Souk in Deira. Here, its members will use the space to exhibit and showcase the rarest and finest gems and jewels India has to offer. Transguard will ensure unparalleled logistics and management, including the safe check-in and check-out process of gems and jewellery.
As part of the agreement, Transguard will fully insure all exhibitors’ products stored in the vault. The team is expected to handle diamonds, jewellery and gems worth around AED 100 million this year, with exponential growth predicted in the next three years as trade between India and Dubai continues to boom. India’s gems and jewellery exports to the UAE grew by a whopping 16.54% to US$ 5.77 billion in 2022-23.
Exhibitors visiting Dubai can expect a seamless Customs process. Through Transguard’s unique arrangement with Dubai Customs, duty and VAT will be collected, only on sold items, at the end of the exhibition.
Rabie Atie, Senior Vice President Transguard said: “We have built a robust reputation for providing efficient, risk-free, safe and secure services that lead to a stress-free customer experience. We’re extremely proud of being involved with the very first shipment that arrived in Dubai under the CEPA agreement. Our partnership with GJEPC is a bellwether of the larger and growing India-UAE trade ties, which will further boost both economies.”
Sabyasachi Ray, Executive Director of the Gem & Jewellery Export Promotion Council of India, said: “We were seeking a strong and dependable partner in Dubai to offer the logistics services to our members exhibiting at India Jewellery Exposition (IJEX) Center. Transguard was the obvious choice, being a Dubai Government entity who is renowned in the UAE as a reliable provider of business support and outsourcing services.
“The IJEX Centre is a crucial initiative that seeks to capitalize on the advantages of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. The pact has opened up numerous prospects to enhance trade between the two nations. Especially, it has been highly beneficial for the Indian jewellery sector, resulting in multi-fold increase in plain gold jewellery exports to the Middle East. By teaming up with Transguard, IJEX aims to ensure our members have complete confidence in the logistics support process."
Established in 2001, Transguard is a division of the Emirates Group. Its comprehensive range of logistics services include customs clearance, freight forwarding, secured storage, secured transportation, international jewellery exhibitions, guarding, escorting and monitoring services, cash processing, ATM management, cash-in-transit and ground handling activities.
Transguard provides highly secure transportation of valuable commodities such as diplomatic mail, bank notes, diamonds, jewellery, and precious metals to over 140 destinations across the globe. It is the only agency authorised by Dubai Civil Aviation Authority to escort and handle valuable cargo that passes through the airport. The state-of-the-art valuables cargo terminal at DXB, a first of its kind in the world, is fully manned and managed by Transguard.
Transguard is the UAE’s most trusted business support and outsourcing provider and has a large, dynamic and culturally diverse workforce, numbering in excess of 61,000 people. For more information on the Transguard Group, please click here.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem and Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets.
Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems and jewellery industry and today represents more than 9,000 members in the sector. With headquarters in Mumbai, GJEPC has regional offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner.
Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members. For more information on the Gem and Jewellery Export Promotion Council (GJEPC), please click here.