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Excellent Diamonds visitor turnout at MidEast Watch and Jewellery Show confirms continuing demand for precious metals

The 29th edition of the MidEast Watch and Jewellery Show ended on a positive note, with 57,003 visitors thronging the fair and exhibitors registering good sales during its five-day schedule representing an increase of 13% over the previous show

found at ameinfo.com oct5, 2010

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The show was held from September 28 to October 2, 2010, at Expo Centre Sharjah and featured more than 450 master jewellers and major retailers from all over the world.

Recent forecasts regarding a reduction in the demand for gold due to its record price levels have been dashed with strong sales of gold jewellery at the show surpassing previous levels.

"Sales were steady during all the five days of the show for us, with the weekend witnessing record turnout of visitors and buyers," said Mr. Sigismondo Capriotti, an exhibitor from Italy. "I notice that there is better buying power now," he added.

The number of trade visitors from all over the region and the Indian Sub-continent and the Mena region also saw a steady growth, with exhibitors recording good sales and business leads. They saw a significant rise in demand for gold and diamond jewellery, by residents and visitors seeking investment options.

With around 90% of exhibitors rebooking their participation for the next edition to be held from April 5 to 9, 2011. Exhibitors are also increasing their booth space for the next edition reflecting their confidence in the event and the market.

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The success of the five day show has further added weight to a strong belief that Gold prices will hit the $1500 per ounce mark by end of 2010 as predicted by Phillipe Farchy of Nataxis at the recent LBMA Conference in Berlin.

Paul Burton, Managing Director of GFMS has put the rise down to diminishing gold production from the more traditional producers of South Africa, Australia, Canada and the USA while new areas of exploration are taking more time to come on line due to the difficulty of extraction based on location or the quality of the mine.

Paul continued, predicting that although a steady rise in Gold output will continue until 2013 adding some brakes to the rise, beyond that will see a faster pace due to constriction of supply.

Other less 'bullish' analysts are looking at a short term correction in price followed by a long period of growth. The only debate it seems is not will the price go higher but rather the speed of the increase. Attempts by Central Banks to reign in the rise by selling Gold onto the wholesale market have met limited success if the demand in Sharjah is anything to go by.

"The increase in visitor numbers along with the reported higher quality of buyers has confirmed what we were saying in the run up to the show, that there is a still a strong move by investors at all levels to move towards 'hard assets' such as Gold and Diamonds," said Saif Al Midfa, Director General of Expo Centre Sharjah.

During its five-day run, the MidEast Watch & Jewellery Show featured diamonds, pearls, precious stones, gold and diamond jewellery, diamond and pearl sets, crystals, watches and jewellery displays.

Exhibitors came from Armenia, Italy, Bahrain, China, Lebanon, Qatar, India, Jordan, Japan, Lithuania, Myanmar, Saudi Arabia, Singapore, Thailand, Turkey, Malaysia, the US and the UAE making it the most diverse event of its kind in the region.

National pavilions from Hong Kong, India, Italy, Singapore, Malaysia and Thailand displayed traditional as well as trendy jewellery creations and were the centre of attraction at the show. "Support from international governments for the pavilions is testament to the importance of the industry in regional economies," added Mr Al Midfa.

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

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