Complex Made Simple

Middle East diamond jewellery industry in the spotlight at the first World Diamond Conference

At the recently concluded World Diamond Conference, which was jointly inaugurated by Indian Prime Minister Narendra Modi and Russian President Vladimir Putin, in India; Karim Merchant, CEO & MD of Pure Gold Jewellers addressed the prospects for the diamond industry in the Middle East.

“The Middle East diamonds market is growing very rapidly,” he said, speaking at the conference to a global audience.

“Many companies that target this market do not realize that the Middle East and the GCC markets have unique attractive characteristics. The retailer in China or India caters to customers from their own countries. But in the Middle East, we have a very diverse unique mix of customers from different nationalities and there are also a high number of tourists in countries like the UAE. This requires a different approach to merchandise and sales.”

He added that UAE is a top global retail destination attracting best brands from around the world. To succeed in the highly competitive market, brands need to localize their marketing tactics.

“Because of the growing demand, we also achieve higher sales per square feet in the region compared to most developed markets,” said Merchant.

The two day conference hosted intense discussions on marketing, supply and financing in the diamonds industry.