Dubai’s Retail Jewellery Business Is Valued At More Than US$ 1.5 Billion

Published: Mon Dec 05 2005

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Technology and Media Free Zone Authority today (December 5th) inaugurated Watch & Jewellery Dubai 2005 at the Airport Expo Dubai.

Organised by the Dubai World Trade Centre (DWTC), the show, which will run till December 9, is being held at the West and Central halls of the Airport Expo Dubai. It is open to trade visitors and VIPs on December 5 and 7. The trade and the public will have access on the evenings of December 8 and 9.

"This year’s show has registered an impressive 16% increase in the number of international exhibitors that stands at 405, said DWTC Director General, Helal Saeed Khalfan Al Marri. "The show’s international focus could be gauged from the fact that 405 out of the total 460 exhibitors, i.e. 88%, are international exhibitors," he remarked.

WJD 2005 has several noteworthy features including a Designer Piazza, a Branded Jewellery Section, a Diamond Day hosted by the Diamond Trading Company (DTC), and Gold Expressions organised by the World Gold Council. DTC, in conjunction with WJD, will host Sightholders to a ‘Local Market Knowledge and Opportunity Seminar’ on December 5th which will be followed by a ‘Local Market Insight Workshop’ on December 6th 2005. In parallel, the DTC will be running separate seminars for regional members of the trade. The two-day session will conclude with a Gala Dinner on Tuesday December 6th, 2005 during which Sightholders will be able to interact with important trade members & manufacturers.

Reaffirming the key status of Dubai in the world diamond trade, there will be a far greater number of sightholders – diamond buyers and manufacturers – attending the show, an indication of the growing profile of the show worldwide. Among the big names represented are Richard Hans Becker, Real Gems, Inc (RGI), Olympic Diamond Corporation, The Italian Institute for Foreign Trade (ICE, Istituto nazionale per il Commercio Estero), Habib, Goldas, Euro Pearls, Chatila Jewellers, Signity, Eliaz Diamonds Europe etc.

While Dubai’s retail jewellery business is valued at more than US$1.5 billion, nearly US$408 million is in diamond jewellery alone.

Dubai is also ranked as one of the most vibrant, dynamic and responsive markets in the world for watch and Jewellery trade and luxury goods at large. For Q3 2005, gold Jewellery demand in the UAE registered a year-on-year growth of 13%. Overall Jewellery demand in the Middle East grew 11% while retail investment rose 38% both in tonnage terms. These industry indicators all reiterate the important role Dubai plays in the diamond, gold and jewellery sectors.

The Designer Piazza, featuring 12 of the top collections from around the world selected on the basis of their creativity and innovation, will be among the major attractions. Another attraction would be the Gold Expressions, organised by the World Gold Council, which will display over 430 trend-setting gold jewellery pieces from 69 Italian manufacturers.

A colourful and flamboyant Latin style Brazilian pavilion organized under the auspices of the Brazilian Jewellery Association IGBM is also debuting at the show. There will be strong representation from Belgium, Italy, Germany, Hong Kong, India, Thailand, Korea, Lebanon and Turkey for this year’s show.

During the 5-7 December the Diamond Trading Corporation (DTC), Dubai Diamond Exchange, Gemmological Institute of America, International Gemmological Institute, Dubai Metals and Commodities Centre (DMCC) are some of the influential institutions organising seminars and workshops during WJD 2005.

"The primary objective of offering these seminars is to encourage an exchange of ideas and information between industry professionals. Attendees will acquire practical tools to take away and implement whilst sourcing the latest jewellery and watch items from around the world," said DWTC Director General, Helal Saeed Khalfan Al Marri.

This five-day event which also see the display of exquisite jewellery and watch items from around the world including diamond, platinum, plain gold, silver, pearl and coloured gemstone jewellery, loose diamonds, pearls, precious and semi-precious stones, mountings, watches, packaging and display materials and manufacturing tools and machinery.

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