Saudi industry leaders meet Dubai counterparts in Jeddah

Senior members from the Dubai Multi Commodities Centre (DMCC), International Diamond Laboratories (IDL) and Dubai Diamond Exchange (DDE) represented the emirate's jewellery trade at this high-profile industry gathering, along with representatives of the Dubai World Trade Centre.

The meeting was also held specifically, to highlight the upcoming Dubai International Jewellery Week, which takes place from December 11-15. The largest jewellery event of its kind in the region, Dubai International Jewellery Week is organised by the Dubai World Trade Centre (DWTC), which is hosting this regional road show.

Among those attending this meeting, which was held at the Jeddah Hilton, were the President, Vice President and other members of the Saudi Jewellers Committee, as well as select Saudi Arabian jewellery and timepiece retailers.

With Saudi gold and jewellery consumption estimated to be in excess of $7.2bn annually, the Saudi Arabian market is crucial to the success of Dubai International Jewellery Week. The show's new format will feature a dedicated high-end event, "Areeq Dubai," held from December 13-15, which is ideally suited to cater to the burgeoning luxury goods market in the Kingdom. Dubai International Jewellery Week will also present "Jewellery Collections Dubai" from December 11-15, showcasing popular collections from around the world. "Jewellery Trade Dubai," held from December 11-13, is the signal event for anyone seeking to do business with the region's jewellery industry.

The roadshow provided the perfect platform for these four key stakeholders from the UAE to meet with major players in the Saudi market and forge partnerships that can further bolster this lucrative industry. Key speakers from each of the organizations outlined the role played by them in the development of the jewellery industry, and how they can work together with Saudi Arabia to strengthen their position in one of the biggest jewellery markets in the world.

Ahmed Bin Sulayem, Executive Chairman, DMCC, opened the evening's proceedings. "Meeting with our esteemed colleagues in Saudi Arabia is a unique opportunity to share best practices, encourage entrepreneurship and discuss ways to boost the already strong levels of inter-regional trade and commerce," he said.

"There are clear opportunities to strengthen existing relationships between Dubai-based jewellery organizations and our counterparts in the Kingdom - as well as to forge new partnerships. We are very pleased to take part in these meetings and the regional road show."

Abdullah Qassem, General Manager for Venue Management, DWTC, the organiser of Dubai International Jewellery Week explained the new format of the event, which will see three diverse shows catering to three well-defined sectors of the industry under one roof. With specific shows for each segment, the potential for new players to be a part of this landmark event is greater than ever, and augurs well for the enormous number of players in the Saudi market.

Seminars and discussions about the gold, diamond and jewellery market, included presentations by Dr. David Rutledge, CEO, DMCC; Tawhid Abdullah, Managing Director, Damas; and Harshad Metha, Vice Chairman, Rosy Blue. Fittingly, the evening concluded with a gala dinner and dazzling diamond showcase, setting the tone for the upcoming Dubai International Jewellery Week.

"Considering that Saudi Arabia accounts for 70 per cent of the region's diamond jewellery market, cooperation between Dubai and Saudi Arabia is clearly vital," said Youri Steverlynck, CEO, DDE. "By creating new synergies, we can further enhance the regional diamond market and, in the process, increase the level of confidence in the diamond market among both retailers and consumers."

As a member of the World Federation of Diamond Bourses (WFDB), DDE provides its members with direct access to 25 other diamond bourses that are affiliated to the WFDB. International Diamond Laboratories, the diamond certification arm of DMCC, has turned the art of diamond grading into a science through path-breaking laboratory techniques. IDL's unique role in the market was highlighted by Peter Meeus, IDL CEO, and Dr. Phillip Deweerdt, Head of Diamond Research at IDL.

The event will provide the leading players in this lucrative market with a tailor-made platform to showcase their products and services, reach out to new markets and international visitors from across the globe, and explore new opportunities for increased trade and commerce.