Jewellery show opens in Sharjah
Sharjah, April 6, 2011
More than 450 master jewellers and jewellery houses from all over the world are taking part in a leading watch and jewellery show that opened yesterday (April 5) in Sharjah.
The 30th edition of the MidEast Watch and Jewellery Show will run until April 9 at Expo Centre, occupying nearly 16,000 sq m of exhibition space.
The show was inaugurated by Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah.
According to a straw poll of exhibitors taking part in the show, rising inflation due to high oil prices and a decline in confidence in the US dollar will also be key drivers that encourage people to store their wealth in gold.
Gold futures for June delivery dropped $11, or 0.8 per cent, to settle at $1,428.90 an ounce on April 1, the biggest drop since March 15.
Gold had climbed to a record of $1,448.60. The precious metal has advanced 27 per cent in the past 12 months. Some analysts are expecting gold to touch an average price of $1,500 for 2011 and $1300 next year.
“The appeal of gold in relation to other asset classes is continuing to rise. The World Gold Council report for 2010 showed an increase in global demand for gold, which stood at a 10-year high last year. The UAE too saw a massive jump in demand as investors zeroed in on the yellow metal expecting a continued upward trend in its price,” said Ahmed Mohammed Al Midfa, chairman of the Sharjah Chamber of Commerce & Industry (SCCI).
Gold demand in 2010 reached a 10-year high with annual demand of 3,812.2 tonnes worth about $150 billion, according to World Gold Council. In the UAE, jewellery worth $2.471 billion weighing 63.4 tonnes was bought last year.
“It is no wonder that gold topped the trade in the UAE last year. Gold demand in the country also saw a massive rise in the first quarter of this year. These are positive tidings for the regional industry that will result in better turnout of buyers and rise in sales at the MidEast Watch and Jewellery Show,” Al Midfa added.
The preliminary statistical data of UAE Federal Customs Authority for 2010 until November showed that gold stood at the first position among country’s imports, with a value of $1.46 billion. It was followed by diamond with $788 million.
Gold also took the first spot on the exports list with a value of $815 million. In re-exports, diamond came first with a total value $1.08 billion, followed by ornaments and jewellery and related parts ($271 million).
“People who were hesitant in buying gold and diamond jewellery during the financial crisis are now back in the market. Besides, improved consumer confidence and rising purchasing power are encouraging people to buy gold. Greater acceptance of higher gold prices and rise in tourist arrivals from countries like India that are culturally inclined towards the precious metal are also boosting sales,” said Al Midfa.
The leading show, that is held twice a year, is featuring a jewellery fashion show for exhibitors to showcase their latest designs and fashion trends.
The exhibit profile covers diamonds, pearls, precious stones, gold and diamond jewellery, diamond and pearl sets, crystals, watches, jewellery displays, and different kinds of tools used in the trade.
The show feature several national pavilions, including those from Hong Kong - China, India, Singapore, Lebanon, Malaysia and Thailand. The Hong Kong Pavilion will have 51 exhibitors, India 36, Lebanon 23, Singapore and Malaysia pavilions 20 and the Thailand Pavilion 15 exhibitors.
Special attractions at the show include fabulous prizes. On every purchase of Dh500, visitors will have a chance to qualify for a daily raffle draw to win prizes. – TradeArabia News Service
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