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Dubai gold and jewellery sales rise in Q1

“This year’s Dubai Shopping Festival was a huge success and much better than 2009, which really boosted the sales in the emirate,” Dubai Gold and Jewellery Group Vice-chairman Chandu Siroya said on Monday at a news briefing to announce the 7^th edition of the Dubai City of Gold Conference which will be held on May 2, 2010.

“The sales growth figures are all estimates as we don’t have full data of all sales in the emirate, but I can say my own business grew by 30 per cent in the first three months,” Siroya said, adding that “all shops are doing good business as there is no better place to buy jewellery than Dubai and the UAE. The country has jewellery for each and 
every nationalities.”

Despite growth in sales, he said the gold and jewellery sector is going through challenging times like every other industry, especially with the increase in gold prices and economic slowdown affecting consumers’ purchasing power.

“Gold bullion and investment will be one of the central themes of the upcoming conference which reinstates Dubai’s importance as a regional hub for gold trade. The conference aims to highlight the opportunities and challenges the industry faces in the evolving economic climate,” he said.

Around eleven international speakers are expected to address the conference. Confirmed speakers include Paul Walker, CEO of GFMS Ltd; Michael Mesaric, CEO of Valcambi SA; Walter de Wet, Head, Commodities Research, Standard Bank; Stewart Murray, Chief Executive, LBMA; and Raymond Key, Global Head of Metals, Deutsche Bank.

Highlighting the jewellery trends in the industry will be three speakers from India, the world’s fastest growing gems and jewellery market. They are: Bijou Kurien, President and Chief Executive, Lifestyle Division, Reliance Retail; Sandeep Kulhalli, Vice-president-Retail & Marketing-Tanishq Titan Industries Ltd.; and B S Nagesh, Vice-chairman, Shopper’s Stop Ltd.

Speaking of the significance of the conference, Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre Authority, said: “The precious commodities industry continues to face significant volatility over the past few years. We are confident that this year’s conference will analyse these changing industry trends and offer solutions to build the foundations for a strong industry in the future.”

Also present at the unveiling of the conference was Farah Al Zarouni, Head of Consumer Products Laboratory Section, Dubai Central Lab Department, who spoke about the importance in highlighting the quality of the precious metals and stones available in Dubai, to build consumer confidence and trust.

Over 300 delegates comprising of industry leaders, retailers and bankers from local and international markets and representatives from the Government of Dubai are expected to attend the event. World Gold Council, will unveil the results of its survey on developing the gold investment sector at the conference.

“Gold markets, both internationally and regionally, continue to work through challenging times, particularly in terms of price volatility as well as fluctuating levels of demand from a consumer perspective. Our continued support of the Dubai City of Gold Conference reaffirms the bank’s commitment to the regional markets where we look to assist in providing stability, guidance and effective trading and banking solutions,” Alison Burns, Regional Head of Precious Metals at Standard Bank Plc, Dubai Branch, said. 
— abdulbasit@khaleejtimes.com