KHALEEJ TIMES, Saturday, May 13, 2023 | Shawwal 23, 1444
Transguard signs deal to transport and safeguard diamonds and jewellery from India
Emirates:
Transguard, a part of the Emirates Group,
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 Dubai Gold Souk in Deira. 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 Dh100 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 per cent to $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 of 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) Centre. 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 capitalise 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."