Hasmukh Parekh Jewellers Turns to Saudi Market After US Tariffs

Gems News: A Strategic Pivot After Rising Tariffs

Kolkata-based Hasmukh Parekh Jewellers is making a decisive move toward Saudi Arabia after steep tariff hikes in the United States disrupted its traditional export routes. For decades, the family-run jeweller has been known for its elaborate heavy gold sets, catering primarily to buyers in the US, UAE, and Qatar. Now, with US tariffs on Indian jewellery climbing 50 percent, the brand is accelerating efforts to expand into new markets that offer long-term growth potential. According to partner Nikhil Parekh, the Saudi market is promising but requires careful adaptation. As this Gems News report reveals, the company is reworking its design strategy to align with the kingdom’s preference for lighter jewellery styles.

Hasmukh Parekh Jewellers seeks growth in Saudi Arabia as shifting tariffs reshape global gold jewellery markets
Image Credit: Hasmukh Parekh Jewellers

Tradition Meets Changing Consumer Preferences

The company’s reputation has been built on its hallmark of grand artistry—21- and 22-carat handcrafted sets averaging 400 grams each, and even a 900-gram gold purse painstakingly crafted over two months. While such heavy pieces remain popular in Dubai and the United States, consumer behavior in Saudi Arabia is markedly different. Buyers in Jeddah and other cities increasingly seek pieces that are elegant, versatile, and lightweight, typically ranging between 10 and 20 grams. For Hasmukh Parekh Jewellers, this means recalibrating collections to deliver more wearable designs while still preserving the intricate craftsmanship for which it is renowned.

The Hurdles of Saudi Expansion

Although Saudi Arabia offers considerable potential, challenges remain. High customs duties and value-added taxes continue to raise retail prices, making jewellery less accessible for some consumers. Parekh emphasized that a free trade agreement, similar to those already established between India and other Gulf countries, would significantly boost opportunities for Indian jewellers in the kingdom. He noted that such agreements could make high-quality jewellery more affordable to local buyers while opening new revenue streams for Indian manufacturers.

Hasmukh Parekh Jewellers are launching new lines to cater to the Saudi Arabia and other Middle-East markets
Image Credit: Hasmukh Parekh Jewellers

Expanding Reach Beyond Dammam

Hasmukh Parekh Jewellers already has a presence in Dammam through wholesale partnerships, but the brand’s latest efforts are focused on Jeddah, where it hopes to build lasting collaborations with local distributors. The SAJEX trade fair, where the firm recently showcased its latest offerings, has already provided an important platform for these connections. With India’s Directorate General of Foreign Trade reporting $15.1 billion in gold jewellery exports in fiscal 2024–25, Saudi Arabia represents a crucial frontier in diversifying India’s export footprint and reducing dependency on markets affected by tariffs.

Looking Ahead to Growth

The decision to pivot toward Saudi Arabia reflects both resilience and foresight. By tailoring products to local tastes, Hasmukh Parekh Jewellers is proving that tradition can coexist with modern demands. If Saudi trade conditions improve with the signing of a free trade agreement, the kingdom could emerge as one of the most significant markets for Indian jewellery in the years ahead. What is evident is that those jewellers who innovate and adapt will be the ones who thrive in the shifting global trade landscape, and Hasmukh Parekh Jewellers is already positioning itself as a leader in this transition.

For more details on Hasmukh Parekh Jewellers, visit their website at:
https://hpjewellers.co/

For the latest on India Jewellers shifting focus to the Middle-East markets, keep on logging to Gems News.