Gold prices that are hovering near a six-month low are all set to drive shopper traffic to one of the most anticipated jewellery fairs in the region that got under way in Sharjah on Tuesday, 26th March.

Held under the patronage of His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, UAE Supreme Council Member and Ruler of Sharjah, the 34th MidEast Watch & Jewellery Show will be the must-visit event for jewellery lovers, investors and traders alike for the next four days.

The show was opened by H.E. Sheikh Abdullah bin Salim Al Qassimi, Deputy Ruler of Sharjah, and will run until March 30. The opening ceremony was attended by Mr. Ahmed Mohammed Al Midfa, Chairman, Sharjah Chamber of Commerce and Industry; Mr. Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah, government officials, other dignitaries and industry representatives.

“MidEast Watch & Jewellery is one of the flagship shows of Expo Centre Sharjah, which is eagerly awaited by not just the lovers of the precious metal and gems but also regional traders who make it a point to visit the show to check out the latest trends and tastes in fashion jewellery,” said Mr. Ahmed Mohammed Al Midfa.

“The show is also frequented by the rich and influential in Arabia, and has the patronage of royal families, who vouch for the popularity and exclusivity of the show,” he added.

A new attraction that is set to attract higher visitor turnout this time is the chance to win a Mercedes Benz car as the mega prize, part sponsored by Gargash Enterprises. “This is for the first time we are offering such an amazing prize, where a lucky shopper spending as little as Dhs. 500 at the show can drive away in a Merc,” said Mr. Saif Mohammed Al Midfa. Apart from the mega prize, there will be daily prizes too, he added.

Moreover, jewellery from Thailand is set to be cynosure of all eyes at the show, with an entire hall showcasing creations from the country of smiles. In association with the Thai Gem and Jewelry Traders Association (TGJTA), it is also featuring a special Ploi Thai fashion show. The first fashion show, featuring Thai Ploi Jewellery, was held on March 26 where top models from Thailand are presenting gems and jewellery creations from top Thai manufacturers under the national brand ‘Ploi Thai’. Daily 4 Fashion Shows, featuring the leading jewellery designers and groups, are scheduled to take place from 28th to 30th March during the show.

Exhibitors and other industry representatives believe that the drop in gold price will also act as a catalyst for generating better consumer interest and thus higher sales. Gold prices are hovering near a six-month low of US$ 1,600 an ounce, which was closer to US$1,700 in January.

“For genuine gold and diamond lovers, price has never been an issue, as we have seen during the past editions of the show. This is clearly visible in the 2012 last quarter, when gold sales saw a 6 per cent rise despite prices on the higher side. Now, they have an added reason to buy, and buy more, due to the fall in prices,” said Mr. Saif Mohammed Al Midfa.

According to a World Gold Council report, there was a six per cent rise in jewellery sales in the UAE, from US$ 385 million in the fourth quarter of 2011 to US$ 408 in Q4 2012. In terms of volume, Q4 2012 jewellery sales rose four per cent to 7.4 tonnes.

Besides, gold formed more than half of all exports, according to statistics released by the UAE Federal Customs Authority. Gold was the top UAE non-oil export with US$21.6 billion in the first nine months of 2012, while imports rose 13 per cent to US$28.9 billion followed by diamonds at US$8 billion, cementing the position of the country as the principal hub of gold and gem trading and distribution.

Rising tourist arrivals into country is also expected to boost jewellery sales, with the UAE drawing an estimated 10 million tourists in 2012, which is forecast to grow at a compound annual growth rate of 5.3 per cent between 2012 and 2022.

The 34th MidEast Watch & Jewellery Show is organised by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry. The Show will be open at Expo Centre till 30th March 2013 and will be open from 11am to 10pm daily and on Friday from 4 pm to 10 pm. There will be special timing for ladies from 11am to 4pm on 27th & 30th March, while entry and parking are free.

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