Sharjah Jewellery Show begins

It is opened by H. E. Sheikh Sultan Bin Ahmed Bin Sultan Al Qassimi,Chairman , Sharjah Commerce & Tourism Development Authorities.

The opening ceremony was attended by Mr. Ahmed Mohammed Al Midfa, Chairman of the Sharjah Chamber of Commerce & Industry (SCCI), Mr. Saif Mohammed Al Midfa - Director-General of Expo Centre Sharjah, Mr. Fasahat Ali Khan, Adviser to the Chairman and Board of Directors of Expo Centre Sharjah, officials of various government departments, and members of trade associations.
The five-day show will run until October 31.

Speaking after the opening ceremony, Mr Ahmed Mohammed Al Midfa said: "The demand for gold is robust despite the precious metal breaking through the psychological barrier of $1000 and continuing to rise further."

"The investor today is highly risk-averse and prefers safe havens such as gold. Consumers are also slowly getting adjusted to the high price of the precious metal. Besides, the gradual rise in oil prices will also play a major role in driving up demand for gold in the region," Mr Ahmed Mohammed Al Midfa said.

Investment demand for gold remained strong in the second quarter of 2009, rising 46 per cent on year-earlier levels, according to the World Gold Council.

Retail investment, which includes demand for physical gold in the form of bars and coins, had another healthy quarter. Net retail investment was up 23 per cent relative to the previous quarter and 12 per cent on the levels of the second quarter of 2008 as investors continued to seek out gold for its unique wealth preservation qualities.

Gold demand for jewellery and investment in the UAE in the second quarter of this year was 21.5 tonnes.

"Bringing together more than 450 exhibitors from across the world is itself an achievement in these tough times. The rising prices were also a concern. But with gold prices projected to go up further, consumers are returning," said Mr Saif Mohammed Al Midfa.

The show is set to feature leading jewellers and designers from countries such as Italy, Armenia, Myanmar, Lithuania, Lebanon, Qatar, Bahrain, India, Pakistan, Japan, Saudi Arabia, Singapore, Srilanka, Thailand, Turkey, Malaysia, the US, the UK and the UAE.

"We are continuing with our policy of rewarding our shoppers with amazing prizes. The strategy was a huge success last time and for this show, we have announced a slew of high-value prizes for shoppers who spend Dhs500 or more" said Mr Fasahat Ali Khan.

"The upcoming festival and wedding seasons are set to spur demand for gold. If the sales during the Diwali period (October 12 to 19) are any indications to go by, we are poised to see a huge rise in demand as festivals such as Christmas and New Year, and the regional wedding season are round the corner," he added.

The Diwali week in India this year witnessed Rs 89.04 billion (Dhs 12.5 billion) worth of gold sales resulting in a growth of 39.2 per cent over the same period last year. Nearly 56 tonnes of gold were sold in eight days, said World Gold Council.

Retail outlets in the UAE too reported brisk gold sales during the Diwali week, which is considered the most auspicious period to buy gold according to Indian tradition.

The MidEast Watch and Jewellery Show will feature an imposing presence of national pavilions from Hong Kong-China, India, Italy, Malaysia, Thailand, Singapore and Lebanon.

Hong Kong will have the largest number of participants among the national pavilions, with 65 exhibitors displaying latest designs in gold, diamond and gems.

The India Pavilion will have 30 exhibitors, the Italian and Lebanese pavilions 24 exhibitors each, while the Singapore and Thailand pavilions will have 13 exhibitors each.

The national pavilions will showcase the season's most exquisite and intricately crafted jewellery creations, both traditional and contemporary.

The MidEast Watch and Jewellery Show will display loose pearls, diamonds, precious stones, gold and diamond jewellery, diamond and pearl sets, crystals, watches, jewellery displays, and different kinds of tools used in the trade at 16,000 square metres of exhibition space.

Some of the new participants at the show include Almas, SK Jewels, KP International, Creative Overseas,Chaudry, Trance Jewelery and Venus Arts (from India); GMD Srl (from Italy); Diamdel (from Japan); Amber Sea of Gold (from Lithuania); Myat Jewellery (from Myanmar); Asia One, Key Gems, Imperial Jewellery, Jewel Tech International & D Garo (from Thailand); Tarzo Jewellery (from Turkey); Siroya's, Al Maha Jewelery, Phorum Jewels, Abida Jewelery (from UAE); and Design By HC and Bellina Collections (from the US).

The general visiting hours of show will be from 11am to 10pm on October 27 and 29. On October 28, 30 and 31, the visitor hours will be from 4pm to 10pm. Entry and parking are free.

Ladies will have exclusive timings on October 28 and 31, from 11am to 4pm.

The exhibition is being organised by Expo Centre Sharjah with the support of the World Gold Council and the Sharjah Chamber of Commerce and Industry.