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Jewellery retailers are looking to double their sales targets this festive season thanks to falling gold prices and rising consumer sentiment in the country and the region.
The 37th MidEast Watch & Jewellery Show, which got under way at Expo Centre Sharjah on Tuesday (October 14), is offering them the best platform to increase the sales momentum achieved during Eid al Adha and welcome the New Year on a positive note.
Exhibitors at the Middle East’s most popular jewellery show are also counting on the region’s fast-growing luxury market that is powered by its affluent nationals, splurging expatriates, brand-conscious youth and deep-pocketed tourists to boost sales.
Held under the patronage of His Highness Dr Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah, the show was opened by H.E. Sheikh Khalid Bin Abdullah Bin Sultan Al Qassimi, Chairman of Sharjah Sea Ports and Customs.
The opening ceremony was attended by Mr. Abdullah bin Mohammed Al Owais, Chairman, Sharjah Chamber of Commerce & Industry; Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah; other officials, dignitaries and industry representatives.
“After a 28 per cent drop last year, the most in three decades, gold prices continue to be on the decline. Although the price has never been an issue for the region’s jewellery lovers, it nevertheless offers them an opportunity to spurge on their favourite designs,” said Mr. Midfa.
Gold prices have been on a downward spiral for the past two years and have broken the crucial US$1,200-an-ounce support level in October, adding more glam and glitter to the festive sales associated with the Indian festival of Diwali, the UAE National Day, Christmas, year-end and New Year.
With the price of polished diamonds too on the decline, trade and general visitors are having a field day at the show, which has brought together more than 450 master jewellers, manufacturers, wholesalers, suppliers, retailers and designers at one single place.
Local retailers have already reported a surge in sales prior to and during Eid al Adha and they are expecting higher demand from both nationals and expatriates as the festive season peaks. Rising tourist arrivals during the season will also be a major factor that will spur sales at the show.
“The MidEast Watch & Jewellery Show is one of the few such events that has a diverse range of exhibit profile, given that it hosts master jewellers from all over the world who are known for their highest levels of craftsmanship, creativity and excellence,” added Mr. Midfa.
Besides, the show will host Solitaire Gemological Laboratories (SGL), an independent international laboratory. Offering jewellers a training opportunity as well as retail support aids & onsite grading facilities so as to instill confidence in consumers, SGL is taking part in a jewellery event in the UAE for the first time.
“Apart from great deals on new jewellery collections and customization offers, the show is featuring National Pavilions from Hong Kong-China, Thailand, India, Italy, Malaysia & Singapore. The daily raffle draw is another attraction that visitors look forward to during the show,” said Mr. Mohamed Amjed, Assistant Group Exhibition Manager, ECS.
Offering prizes on all its five days, the raffle draw has become an integral part of the show. On every purchase of Dhs 500, visitors have a chance to qualify for raffle draw. For the first time, the Thailand Pavilion is offering fabulous prizes in daily raffle draws. The Hong Kong Pavilion is also giving away prizes to visitors.
The show is open to visitors from 12 noon to 10 pm daily, and from 4pm to 10pm on Friday (October 17). Exclusive timings for ladies will be on Wednesday from 12 noon to 4pm. Admission is free for all.
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