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The ongoing MidEast Watch & Jewellery Show at Expo Centre Sharjah is witnessing a hectic buying trend, owing to a combination of factors such as drop in gold prices, rise in VIP buyers and the addition of a Thai pavilion and fashion shows.
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 conclude on March 30.
The gold prices are hovering near US$ 1,600 an ounce, after hitting a six-month low in February for the first time since August 2012. Though analysts see this as a result of both private and institutional investors turning away from safe haven assets towards riskier holdings, bargain hunters are on a buying spree.
“We have always seen good buying during MidEast Watch & Jewellery Show irrespective of the prices, purely due to the amazing range of jewellery and accessories that are brought here from across the world. This time, the drop in the prices of gold has come as an icing on the cake,” said Mr. Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah.
“Residents are also rushing to buy gold before the price goes up, which could be a possibility due to worries that the rescue deal for Cyprus could trigger further crisis in the euro zone, prompting investors to turn to gold for safety,” he said.
Though gold is selling for around US$1,600 an ounce, it is on track to rise about 1.6 per cent in March, which would be its first monthly gain after posting losses in the past many months, say analysts.
Mr. Midfa also noted a rise in VIP buyers, who are high-value shoppers who purchase jewellery and watches for more than Dhs. 50,000 at a time and stand to gain a slew of benefits.
“The patronage of the rich and influential in the region is a feature unique to the MidEast Watch & Jewellery Show, which has been carefully cultivated over the years,” said Mr. Midfa.
He also pointed out that the chance to win a Mercedes Benz car as the mega prize, part sponsored by Gargash Enterprises, could be another reason for the rise in visitors and buying.
“Initial visitor response also points to the mega prize being a key attraction to visit the show and buy jewellery. It is indeed a mega prize since one need to spend just Dhs. 500 to qualify for the raffle draw,” he said.
An entire hall dedicated to jewellery from Thailand is also key a factor in attracting more visitors this time besides the Jewellery Fashion Shows, where top models are presenting exquisite gems and jewellery creations from leading jewellery designers and manufacturers. Hourly fashion shows are scheduled to take place from 28th to 30th March from 5.30 pm.
Other national pavilions include of Hong Kong - China, India, Italy, Malaysia and Singapore, which are offering jewellery lovers traditional as well as contemporary creations from master jewellers and designers from those countries.
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