Low prices to trigger jewellery buying frenzy

Sharjah, 08th September 2013

The demand surge generated by lower prices of gold and diamond will be the high point of the upcoming jewellery fair in Sharjah, the MidEast Watch & Jewellery Show, to be held under the patronage of H.H. Dr. Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah.

Gold is trading around US$1,400 an ounce while certified polished diamond prices in the world market have fallen by more than 2 per cent recently, making them highly attractive for jewellery lovers.

“Though gold price has risen by about 18 per cent from its three-year low of around US$1,180 in June this year, it is still an attractive proposition to buyers if you consider the price during the spring edition of show which stood at US$ 1,600 an ounce,” said Mr. Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah.

With the slow-sales summer period over and the festive season round the corner, the autumn edition of the MidEast Watch & Jewellery Show is awaited equally by traders as well as general buyers, and the low prices have come in as the icing on the cake for them.

According to the 2013 Q2 statistics released by World Gold Council, demand for jewellery has gone up to near-record levels. Tonnage surged to such an extent – far outweighing the decline in the average gold price – that demand in value terms was up by 20%, it said.

For its 35th edition, the MidEast Watch & Jewellery Show will bring together some of the world's best craftsmen and master jewellers at Expo Centre Sharjah from October 1-5, 2013.

“While the show will be a treasure trove of works known for their craftsmanship and superior quality for the common buyers, for trade representatives it will be an opportunity to rub shoulders with top executives of world's leading jewellery houses, industry associations and designers who converge on Expo Centre Sharjah,” Mr. Midfa added.

For the second time, the show will host the Thailand Pavilion featuring dazzling gold & diamond jewellery from leading Thai manufacturers under the brand ‘Ploi Thai'. Organized by Vega Intertrade & Exhibition in cooperation with Thai Gem and Jewelry Traders Association (TGJTA), the Thailand Pavilion will be one of the largest showcases of its kind in the region.

Regular features like national pavilions, which this year will include Hong Kong - China, India, Italy, Malaysia, Thailand and Singapore, and raffle draws will be held during the five-day show.