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Gold Sales to Rise as Mideast Watch and Jewellery Shows Opens

SHARJAH — The 28th edition of MidEast Watch & Jewellery Show which opened on Tuesday, will help boost gold sales in the UAE as it attracts wholesalers and end-users from across the region.

The yellow metal’s sales in the UAE and the rest of the Gulf and Middle East region is set to sparkle on the global rebound seen in jewellery sales during 2009. Global jewellery demand is on the rise, thanks to increasing consumer confidence within the context of a higher gold price.

And, this has been reflected in the global gold demand recovery to 500.4 tonnes in the fourth quarter of 2009, against 336.3 tonnes in the first three months of the past year, according to the World Gold Council.

“The Middle East continues to be the right place where jewellers can achieve the best reach and response and this is reflected in the number of exhibitors this time too. In fact, we had two of the best editions last year,” said Ahmed Mohammed Al Midfa, Chairman of the Sharjah Chamber of Commerce & Industry (SCCI).

The show has brought together more than 450 master jewellers and top-rated jewellery houses from all over the world. They are displaying some of the latest creations for this season as well as traditional and signature works at nearly 16,000 square metres of floor space. The event, which will run until April 3, was opened by Shaikh Abdullah bin Salim bin Sultan Al Qasimi, Deputy Ruler of Sharjah.

“The MidEast Watch & Jewellery Show is now in its 28^th edition and this itself is a testimony to the fact that this is one of the best jewellery events in the entire Middle East and a hugely popular one too,” said Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah. Reflecting the reliability and reach of the platform, individual exhibitors have come from all over the world, including Armenia, Italy, Bahrain, China, Lebanon, Qatar, India, Jordan, Japan, Lithuania, Myanmar, Saudi Arabia, Singapore, Thailand, Turkey, Malaysia, the US and the UAE.

“Whatever the market conditions, gold has succeeded in retaining its intrinsic appeal. Factors such as a see-sawing dollar and yet-to-stabilise equity markets will bring more investors and buyers to the precious metal,” Al Midfa said.

The centre of attraction of the show will be country pavilions representing six nations.

They include: Hong Kong (65 exhibitors), India (34), Italy (30), Lebanon (25), Singapore and Malaysia (20 each), and Thailand (15).

· abdulbasit@khaleejtimes.com