Kolkata : Hasmukh Parekh Jewellers is setting its sights on Saudi Arabia as a key growth market following a 50 per cent hike in US tariffs that has prompted the company to explore alternative export destinations.
Speaking at the recently concluded SAJEX trade fair in Jeddah, partner Nikhil Parekh highlighted the firm’s strategy to tap Saudi demand while redesigning its traditionally heavy gold sets to suit local preferences for lighter jewellery.
“After US tariffs on Indian gold jewellery rose 50 per cent, we are actively looking for new markets,” Parekh said. Currently, the company exports primarily to the United States, the UAE, and Qatar.
Specializing in handcrafted heavy-weight gold sets averaging 400 grams each in 21 and 22 carat gold, Hasmukh Parekh Jewellers produces elaborate pieces, including a 900-gram gold purse that takes two months to complete. However, Saudi buyers favor lighter jewellery, prompting the company to adapt designs to weights between 10-20 grams, compared to its previous minimum of 50 grams.
Despite promising opportunities, Parekh acknowledged regulatory challenges in Saudi Arabia, including high customs duties and VAT, which currently limit local customer purchases. The company hopes for a free trade agreement similar to India’s agreements with other Gulf states to ease market entry.
The firm has already established wholesale channels in Dammam and is now seeking new partnerships in the Jeddah region. According to India’s Directorate General of Foreign Trade, gold jewellery exports reached USD 15.1 billion in fiscal 2024-25, with the Gulf region accounting for a significant share of overseas sales.
By targeting Saudi Arabia, Hasmukh Parekh Jewellers aims to diversify its export portfolio and offset the impact of rising US tariffs while responding to shifting global demand trends for gold jewellery.