Tuesday 27 September 2022

Experts see gold at $2,500 by year-end

Sharjah, September 20, 2011

Though the price of gold is already up more than 30 per cent this year, it may breach the $2,500 level by the end of this year, according to a group of experts.

The upcoming edition of the MidEast Watch & Jewellery Show is set to benefit from this gold rush as demand for jewellery as well as gold bars and coins reach its peak ahead of the festive season, said event organisers.

The 31st edition of the show will run from October 4 to 8 at Expo Centre Sharjah, and will feature more than 450 exhibitors.

“Demand for gold has been steady in the region and Eid holidays have set the tempo for buying gold among residents,” said Saif Mohammed Al Midfa, director-general of Expo Centre Sharjah.

“This will peak with the 31st edition of the MidEast Watch & Jewellery Show, which will be the ultimate platform for both investors and general buyers to check out the latest designs in gold and diamond jewellery as well as different investment options,” he added.

About 85 per cent of the exhibition space for the MidEast Watch & Jewellery Show was already sold during the 30th edition of the fair in April this year.

Robust sales prospects due to the strong appetite from nationals and expatriates from the region and the Indian subcontinent have driven more exhibitors to book their space early enough, making it one of Expo Centre’s most successful shows.

Antonella from Fabiofanfani, which will be exhibiting as part of the Italian Pavilion, said: “The visitor turnout at the last show was pretty good. We had good sales on all five days of the show. We are looking forward to having a successful participation in the 31st edition of the show too with steadying prices and gold continuing as the best available safe investment option.”

Another participant at the previous show, Kapil Jain of Thailand-based Suraj Diamonds, wholesalers of diamond jewellery with offices in Bangkok, Dubai and New York, also vouch for the popularity of the show.

“We had excellent orders from the show and are very happy with the participation. The sales exceeded our expectations,” he said.

“This augurs well for the autumn edition of the show. We expect all those who are interested in gold in large numbers at the show right from general buyers to the fashion conscious and investors.”

Displays at the show will include diamonds, precious stones, loose pearls, gold and diamond jewellery, diamond and pearl sets, and watches.

“It is difficult to find such a vast collection of gold and diamond jewellery under a single roof other than the MidEast Watch & Jewellery Show. Besides, there is no better place with the right ambiance and festive spirit for seasonal purchases,” said Al Midfa.

Connoisseurs of gold and diamond jewellery can expect delicate designs, openwork and texture and customizable designs, ranging from the young and fun to the rich and classic at the show.

Hong Kong-China, India, Italy, Malaysia, Thailand and Singapore will also set up national pavilions at the show.

“All these countries are prominent names in the gold and jewellery field and are known all over the world for their exquisite craftsmanship and traditional creations. At the show, visitors will be spoilt for choice from the diverse range of designs and collections from these countries,” added Al Midfa.

Hong Kong will have the largest presence at the pavilion with 51 exhibitors, while it will be followed by India with 38 exhibitors, Lebanon with 25, Singapore and Malaysia with 12 and Thailand with 8 exhibitors.

Attractions at the show include fabulous prizes. On every purchase of Dh500 ($136), visitors will have a chance to qualify for a daily raffle draw to win fabulous prizes. The Hong Kong Pavilion will also be giving away prizes to visitors.

The exhibition is organised by Expo Centre Sharjah with the support of the World Gold Council and the Sharjah Chamber of Commerce and Industry. – TradeArabia News Service

Tags: Sharjah | Gold | Expo centre | MidEast Watch & Jewellery Show |

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