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Gems to account for 26pc jewel sales by 2011

Dubai, October 15, 2008

Coloured stones will account for 26 per cent of total jewellery sales in Dubai by 2011, according to the  Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC).

The coloured stones market is set to expand, faster than other jewellery categories in the next five years, revealed a new survey released today by the DGC, at the ICA International Gem Fair 2008, the region’s first dedicated coloured stones trade show, being held in Dubai this week.

The research, a first for the region’s coloured stones industry, was commissioned by the DGC and carried out by the US-based Jewelry Industry Research Institute and UAE-based BUZ Consulting.

“The driver for the growing demand for coloured stones is today’s fashion conscious consumer, who seeks unique jewellery varieties. The versatility of coloured stones provides a great opportunity for designing exclusive jewellery pieces,” stated Gaiti Rabbani, executive director, Coloured Stones and Pearls Division, DMCC.
 
On a global basis, the market for all gemstones stands at $80 billion, representing 55 per cent of total global jewellery industry sales. The global gemstone market includes roughly $10 billion of coloured stones and $70 billion of diamonds and diamond jewellery.

The survey also reveals that coloured stones trade is expected to grow at around six per cent annually by 2010, in comparison to the growth rate of diamonds, gold and all other forms of jewellery. 

In further findings, coloured gemstone dealers cited that rubies, sapphires and emeralds were the fastest selling coloured gemstones, comprising 44 per cent, 28 per cent and 24 per cent respectively of their gemstone inventory. Traders and consumers also highlighted their preference for oval shaped coloured stones set in 18 karat white and yellow gold.-TradeArabia News Service




Tags: GEMS | Jewellery | precious stones | gemstones |

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