Large crowds at jewellery and watch show in Sharjah

Held under the patronage of His Highness Dr Shaikh Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, the 34^th MidEast Watch & Jewellery Show will conclude on March 30.

The gold prices are hovering near $ 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 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 eurozone, prompting investors to turn to gold for safety,” he said.

Though gold is selling for around $1,600 an ounce, it is on track to rise about 1.6 per cent, which would be its first monthly gain after posting losses in the past many months, say analysts.

Midfa also noted a rise in VIP buyers, who are high-value shoppers who purchase jewellery and watches for more than Dh50,000 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 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 Dh500 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 March 28 to 30 from 5.30pm.

business@khaleejtimes.com