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The research, a first for the region's coloured stones industry, was commissioned by the DGC and carried out by the US-based Jewelry Industry Research Institute and UAE-based BUZ Consulting.
Key research findings reveal that of the projected jewellery sales mix over the next three years, coloured stones will account for 26% of total jewellery sales in Dubai by 2011. Whilst historical sales data is not recorded, it is estimated that coloured stones sales currently represent a small percentage of overall jewelry sales.
Gaiti Rabbani, Executive Director, Coloured Stones and Pearls Division, DMCC,said:
"The ready availability of statistics and market data have become critical in today's information age, as they facilitate business leaders in making timely decisions that could impact the future of an organisation. Dubai has taken a proactive step through this new research commissioned by DMCC.
This report will become a significant tool for existing jewellery businesses in Dubai and new entrants to the market."
He added:
"The driver for the growing demand for coloured stones is today's fashion conscious consumer, who seeks unique jewellery varieties. The versatility of coloured stones provides a great opportunity for designing exclusive jewellery pieces."
On a global basis, the market for all gemstones stands at US$80 billion, representing 55% of total global jewellery industry sales. The global gemstone market includes roughly US$10billion of coloured stones and US$70 billion of diamonds and diamond jewellery.
The survey also reveals that coloured stones trade is expected to grow at around 6% annually by 2010, in comparison to the growth rate of diamonds, gold and all other forms of jewellery.
Kenneth Gassman, Founder and President of Jewelry Research Institute of America (JRIA), said:
"The projections show that the coloured stones market will post exceptionally strong above-average growth over the next decade, both in Dubai and the Gulf region, as well as globally. Coloured stones jewellery demand is expected to surpass demand for other jewellery categories. Dubai is particularly well-positioned to take advantage of the increased trading requirements of this rapidly growing jewellery segment and further capitalize on the growing tourism market."
In further findings, coloured gemstone dealers cited that rubies, sapphires and emeralds were the fastest selling coloured gemstones, comprising 44%, 28% and 24% respectively of their gemstone inventory. Traders and consumers also highlighted their preference for oval shaped coloured stones set in eighteen karat white and yellow gold.
The survey consisted of interviews with fifty traders as well as over one hundred consumers comprising jewellery shoppers in Dubai. The survey was released at the ICA International Gem Fair Dubai 2008, This event, held under the patronage of DMCC, is being organised by the International Colored Gemstone Association (ICA) and supported by the Middle East GemBureau.
Posted by Rana Mesbah
