Global market for watches to exceed Dhs121bn

The event is scheduled to take place at the Abu Dhabi National Exhibition Centre from October 22nd to 26th 2008.

The Abu Dhabi event heralds a worldwide growth in the watch and jewellery business. The global market for watches itself is projected to grow strongly to exceed Dhs121bn by 2010.

'Consumers have moved away from making watches a-once-in-a-lifetime purchase to owning an array of watches to harmonize with their outfits, leisure pursuits and social status,' remarked Suman Manning, Director of Consumer Shows, Reed Exhibitions Middle East.

Ms Manning noted that the demand for luxury watches is growing at an impressive CAGR of 4% through to 2010 despite facing stiff competition from electronic gadgets such as cell phones, MP3 players, iPods, Palm Pilots, digital radio, and other devices that display time.

'The overall market for watches has managed to post a positive growth owing to increasing demand for luxury brands in the high-end market segment despite low volumes,' she observed.

JWS is expected to showcase the most desirable Jewellery and watches in the world's richest city that is responsible for more than 90% of the UAE's oil-production.

Abu Dhabi possesses the fourth largest oil reserves in the world. According to media reports, Abu Dhabi has an investment fund exceeding $800bn with more than $140bn in government and privately-funded development projects currently underway in Abu Dhabi.

Middle East Customers' demands for watches vary significantly. 'To meet the ever-changing demands, watch companies are regularly introducing new brands with new designs of watches under sports, luxury and many other categories and product differentiation is vital as regional consumers are discerning,' remarked Ms Manning.

Ms Manning will be leading a team of executives to participate at BaselWorld to review the latest trends in haute horlogerie and haute joaillerie followed by a visit to the Salon International de la Haute Horlogerie in Geneva since 1991 to meet with a series of top brands involved in fine watch making.