The UAE has a fast growing market for luxury products that is driven by high demand from citizens, residents, tourists, and especially from the younger generation, who are keen to keep up with the latest trends, and who are vastly interested in the luxury brands of the watch and jewellery industry.
(Pakistan Point News - 22nd Sep, 2018) SHARJAH, 22nd September 2018 (WAM) - The UAE has a fast growing market for luxury products that is driven by high demand from citizens, residents, tourists, and especially from the younger generation, who are keen to keep up with the latest trends, and who are vastly interested in the luxury brands of the watch and jewellery industry.
The MidEast Watch and Jewellery Show, which is organized twice a year by Expo Centre Sharjah, with support from the Sharjah Chamber of Commerce and Industry (SCCI), is one of the most prominent events that promotes the luxury products market, and contributes in the sales growth of gold, diamonds, watches and jewellery.
The show has been a success in its 44 editions during the past 24 years, and has transformed into both a prominent local festival and a leading global event, which offers local and global companies and brands a platform to showcase their latest products to visitors and merchants who are looking for the latest in the watch and jewellery industry.
This success comes at a time when market studies indicate that the UAE has succeeded during the last few years in being the leading global hub in the diamond trade, with a volume of trade worth USD 26 billion, which makes it the largest diamond market globally. The country has also been able to attract 14% of the global gold trade, which has increased its competitiveness in the gold industry and enhanced its status on the global gold trade map. Gold and semi-processed gold now ranks as the number 1 imported goods in the country, where it has reached 10% of total annual imports, with a total value of Dh96 billion.
Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, stressed the importance of the MidEast Watch and Jewellery Show and its growing role as a prominent specialized exhibition at the local and global level. He pointed out that global companies and brands are keen to reserve a platform at the show every year, in order to showcase their new products that includes watches, jewellery, diamonds, and precious stones, and to expand their presence into the markets of the UAE and the region. He stated that the 45th edition of the show, which will be held during October 2-6, has succeeded in attracting more than 500 local and global companies and brands. The show, which will encompass an area of 30 thousand square feet, also succeeded in attracting some of the most prominent jewellery designers from over 25 countries.
Al Midfa stated that the show is considered one of the most important exhibitions that Expo Centre Sharjah organizes, and that the centre is keen on continuously developing the show’s activities with the aim of supporting the efforts of the emirate of Sharjah in enhancing its reputation as a leading economic centre, in accordance to the vision and directives of H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and with the continuous follow-up by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.
Al Midfa pointed out that Expo Centre Sharjah, which is considered one of institutions that falls under the umbrella of the Sharjah Chamber of Commerce and Industry, is keen to cooperate and coordinate with the Gold and Jewellery Sector business Group that was formed by the chamber in 2017. This cooperation comes as part of the joint endeavours to develop the gold and jewellery sector and to enhance Sharjah’s reputation, which hold a special status as a major gold market in the region, due to the competitive prices and the wide variety of products that the market offers.
According to Al Midfa, the Watch and Jewellery market is undergoing a period of stability. He stated that the MidEast Watch and Jewellery Show is considered an indicator for the performance of the gold and jewellery sector in the UAE and the region, and that the sector’s performance can be monitored through the change in the number of visitors and exhibitors from one edition of the show to the other. He added that the show has witness continued growth during the last few years.
The CEO of Expo Centre Sharjah pointed out that the centre is keen to keep pace with the developments in the sector by launching unique initiatives with its strategic partners, its trade sponsors, and the media. These initiatives contribute in developing the economy of the emirate and the country, which enhances the success of the exhibition and helps in gaining the satisfaction of both the exhibitors and the visitors of the show.
He stated that the exhibitors of the upcoming edition of the MidEast Watch and Jewellery Show are looking forward to the exhibition, in light of the significant direct sales that were witnessed during the previous edition of the show in April, which managed to attract 61,456 visitors. The show is being held amidst expectations for the global precious stones and jewellery market to record a compound annual growth rate of over 7% by 2019, according to a report by TechSci Research. Meanwhile, the UAE’s luxury commodities market is expected to have grown from USD 3.18 billion in 2004 to USD 8.98 billion before the end of the current decade.
The new edition of the show will include the participation of some of the biggest jewellery and watch brands and designers both locally and globally. Expo Centre Sharjah is considered the only exhibition centre in the world that organizes this type of specialized economic event twice a year, enhancing its status as a major platform for the trade of gold and jewellery. The centre is a major destination for international companies, famous brands, merchants, and designers, offering them competitive facilities and services that helps them to develop their presence in the region’s markets, and achieve attractive returns.
The show will host national pavilions in its upcoming edition for a number of countries that are considered leaders in the field of manufacturing watches and jewellery, which includes India, Hong Kong, Italy, Lebanon, Malaysia, Singapore and Thailand. Exhibitors from countries such as the United Kingdom, Japan, Russia, the United States, Latvia, Lithuania, Saudi Arabia, Jordan, Bahrain, and Taiwan will also participate in the exhibition.
The show will witness the participation of tens of Emirati companies, in addition to the presence of a number of Emirati designers who are supported by the Sharjah Chamber of Commerce and industry, as part of its continuous efforts to champion and promote projects of young adults by showcasing their latest collections of jewellery, gold, diamonds and precious stones among others.
The exhibition offers visitors the opportunity to buy directly from manufacturers. The exhibition also offers many opportunities to win valuable prizes and enter draws for every purchase of Dh500 and above, under the supervision of the Sharjah Chamber of Commerce and Industry. The prizes include a daily drew for half a kilo of gold, in addition to the big draw for a motor vehicle that takes place at the end of the exhibition.
