MidEast Watch & Jewellery Show to be held at Expo Centre
08 Oct '07
5 min read
"Even after so many editions, the MidEast Watch and Jewellery Show continues to sustain its extremely high exhibitor retention rate. This, to a large extent, may be attributed to the popularity that this mega event enjoys in the Middle East."
"It also explains why such a large number of jewellers prefer to utilize this exhibition as a launching pad for their latest seasonal collections. This time too, visitors to the show will be the first in the region to be treated to a fascinating range of gold and diamond jewellery collections for the autumn season,” he added.
The MidEast Watch and Jewellery Show has anexhibitor retention rate of 95 percent, one of the highest in the region.
Mr. Saif Al Midfa further said: “The success of the MidEast Watch and Jewellery Show is a demonstration of the affinity of the regional population towards gold and diamond jewellery."
"A close look at the recent consumption patterns for gold and diamond in the Middle East, particularly in the GCC States, indicates that prices have had little impact on their demand."
"This could be due to several factors including booming regional economies, sustained promotion, better and increased product offerings, and significant rise in the number of tourists to the region.”
According to the World Gold Council, despite a 17 percent hike in gold price, the first quarter of 2007 witnessed gold sales in the UAE amounting to Dh2.7 billion, a 23 percent increase from Dh2.2 billion in the same period of 2006.
Gold consumption (jewellery and investment) in terms of tonnage in the UAE increased 6 percent to 29.7 in the first quarter of 2007 compared to the same period of 2006.
Overall demand in the Middle East region (Saudi Arabia, UAE, other Gulf States and Egypt) was 8 percent higher in the first quarter than a year earlier in terms of tonnage.
With regard to diamonds, the Gulf is the fourth largest market in the world. It is estimated that Arab nationals spend close to Dh7.3 billion on diamonds every year.
According to diamond industry sources in the region, the diamond jewellery market in the Gulf region increased 47 per cent in the past four years.
The coming edition of the MidEast Watch and Jewellery, owing to its exclusive and unique profile, is expected to attract jewellery connoisseurs from across the Middle East. The last edition of the show attracted 39,604 visitors.
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