DUBAI - ASIATODAY.COM - Dubai International Jewellery Week 2014 will leverage a global downturn in the price of gold and growing consumer demand for diamonds to further amplify Dubai’s status as one of the world’s leading international trading and retail hubs for fine jewellery, precious stones and metals, diamonds and pearls.
Having attracted more than 380 exhibitors and over 800 brands from 30 countries including 100 new-to-show companies, the 19th edition of the Middle East’s most influential jewellery event - which returns to Dubai World Trade Centre (DWTC) from 3-6 December - stands to be 25 per cent larger than last year.
With increased disposable income and surging tourism driving the UAE’s relentless appetite for jewellery spending, country representation at the 2014 show is 15 per cent up on last year. Thailand alone has committed to a 42 per cent year-on-year increase in floor-space, while pavilions from Lebanon, Hong Kong and India are 28, 18 and 16 per cent up on last year, respectively.
“Our exciting exhibitor and brand line-up this year reflects Dubai International Jewellery Week’s standing as a strategic entry point into the highly-lucrative regional jewellery sector,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, DWTC. “Visitors will have the opportunity to buy some of the most beautiful, creative jewellery designs from around the world – in both the super-luxury and affordable brackets.”
According to GFMS, a leading independent precious metals consultancy in global gold, silver, platinum and palladium market research, the price of gold is forecast to average $1,270 per ounce this year – 10 per cent lower than the 2013 average of $1,411.23. The GFMS forecast mirrors varying predictions from leading international banks, with Deutsche Bank forecasting an average price of $1,141 per ounce for this year, Barclays predicting an average price of $1,205 per ounce and HSBC the least bearish at $1,292 per ounce.
With Dubai now firmly established as one of the world’s leading gold retail destinations – the Emirate accounts for approximately 25% of global physical gold trade – Dubai International Jewellery Week organisers are anticipating a ‘retail bonanza’.
“Dubai International Jewellery Week offers consumers a unique platform to support local and regional talent while also discovering stunning one-of-a-kind design pieces and the latest trends from around the world,” added LohMirmand. “With more than 800 international jewellery brands at this year’s event, every budget is catered for. With December a traditional consumer spending peak, we’re anticipating a retail bonanza as crowds get the jump on end-of-year purchases.”
Elsewhere at Dubai International Jewellery Week, the renowned ‘Dazzling Avenue’ returns with 42 per cent more companies occupying the dedicated area for purveyors of loose diamonds, diamond jewellery, coloured gems and precious stones.
The growth in diamond-based retailers at the show reflects growth in the trade volume of rough diamonds in Dubai and increasing global demand for diamond jewellery – international diamond sales generated a record high of $79 billion in 2013 according to the ‘Diamond Insight Report’ published by the De Beers Group of Companies.
According to trade statistics from the UAE Kimberly Process Office, the first nine months of the year saw Dubai’s rough diamond trading increase by eight per cent to 108 million carats at a value of US$10.5 billion – an increase of 15 per cent against the same period last year. A total of 58 million carats were imported from January to September at a value of US$ 4.2 billion, while export in the same period was at 50 million carats with a value of US$ 5.4 billion.
In-line with Dubai International Jewellery Week’s standing as a platform for global jewellery trade players to source new products from an array of international brands, the popular Hosted Buyer Programme also returns with more than 100 top-level buyers from Russia, Ukraine, Kazakhstan, CIS countries, Turkey, Macedonia, Greece, KSA, Bahrain, Kuwait and Qatar due to meet with exhibitors of their choice for focused one-to-one appointments.
Running alongside the event is the sixth Jewellery Design Awards, which reward amateur and professional designers from across the world for excellence in jewellery design, innovation and creativity. The awards will see 10 winners crowned in ‘Emerging Designers’ and ‘Professional Group’ categories, including two new accolades for ‘Best Festive-Inspired Jewellery Design’ and ‘Best Futuristic Jewellery Design’. Open to UAE nationals only, the awards for ‘Best Emirati Jewellery Design’ in both categories are expected to be draw entries from established and emerging Emirati jewellery design artisans.
Winners of the Jewellery Design Awards walk away with a trophy and prizes awarded by GIA Middle East, the world’s foremost authority in gemology.
GIA Middle East , IGI Dubai, Australian South Sea Pearls and Rapaport will also be conducting daily seminars at Dubai International Jewellery Week giving visitors to opportunity learn all there is to know about diamonds and jewellery, from making the perfect purchase to the challenges of grading and identifying mounted diamonds.
To register for Dubai International Jewellery Week or find out the latest show information, visit www.jewelleryshow.com.
For more information, please contact:
Lindsay Johnston
Total Communications
Tel: +971 (0)4 428 1502
Mobile: (+971) 50 152 3368
lindsay@totalcompr.ae
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