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Sales hit by global crisis

SHARJAH - Despite an impressive turnout and launching of new products at the 28th edition of Mideast Watch & Jewellery Show, sales volume went down because of the global economic crisis, according
to exhibitors.

The participants of the five-day show, which concluded yesterday at Sharjah Expo Centre, were bullish on sales at the time of inauguration as 24 per cent rise in visitors was recorded during the first two days. The closing numbers are not up to the expectations,
 they said.

“The sales volume has dropped this year. We recorded around $3 million sales during the last three days, which is below than our expectations,” Kevin Kee, Director of Advance Diamond – Singapore, told Khaleej Times yesterday, the last day of the event.Kee, who is also agent for the Singapore Pavilion, said the recovery is on track, but all depend on the economic situation. “Due to the credit crisis purchasing power of people has become weaker,” he said.

Last year’s spring edition of the biannual fair attracted around $4-5 million sales, he said, adding: “There were around $5-8 sales during the two shows of 2009.”

The jewellery show is hosting more than 450 master jewellers from all over the world. One of the main attractions of the show is country pavilions representing six nations. Singapore is participating with 15 top manufacturers of the country.

“The UAE and the Middle East is one of the important market for Singapore manufacturers as its growing faster than other markets and Sharjah is an excellent venue to target the regional buyers,” Kee said.

The five-day exhibition attracted whole-sellers and end-users from across the Middle East specially from Gulf countries.

“More or less we have a same group of people. Two new companies join this year,” Kee said, adding: “Almost all the Singapore exhibitors are manufacturers.”

Majority of the Singapore jewellery production is being done in China, he said, adding: “Its either fully owned companies or joint ventures with Chinese counterparts, but we have fully control over production, design including purchase of raw material.”

Thomson Chan, a top official of Hong Kong Jewelry Manufacturers’ Association, said, “It’s been more than 10 years that we are exhibiting at this event. It’s an excellent opportunity to explore the market.”

Hong Kong is participating with around 65 exhibitors, all manufacturers and exporters. The market here in Sharjah has been very favourable to exhibitors from Hong Kong, Chan said. Chan said that the exhibition is not bad as the world is facing the global economic crisis. “Sales are stable. I think we will get enough money to come back again for the second show of the year.”

He said that last year exports to the US and European markets were badly hit by the economic downturn. 


abdulbasit@khaleejtimes.com