Hasmukh Parekh Jewellers Eyes Saudi Expansion Amid US Tariff Surge
Kolkata-based Hasmukh Parekh Jewellers is exploring Saudi Arabia as a new market after a steep rise in US tariffs. The company is redesigning its heavy gold jewellery to meet local demands for lighter pieces, despite challenges like high customs rates. They are hopeful for a future free trade agreement.
- Country:
- Saudi Arabia
Hasmukh Parekh Jewellers, a gold jewellery manufacturer based in Kolkata, is turning to Saudi Arabia as a promising market following a significant increase in U.S. tariffs. Partner Nikhil Parekh, speaking at the SAJEX trade fair in Jeddah, expressed the firm's ambition to secure wholesale partners in the kingdom.
The jewellery company is adjusting its traditional product line, known for heavy gold sets, to lighter designs that cater to Saudi preferences. Despite success in the U.S., UAE, and Qatar markets, Parekh acknowledged the nuances of entering the Saudi market, particularly the demand for lighter offerings.
Challenges such as high customs rates and VAT are prevalent, creating a barrier to entry. However, Parekh is optimistic about potential developments like a free trade agreement, similar to those between India and other Gulf nations, which could alleviate current restrictions.
(With inputs from agencies.)
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