The 38th MidEast Watch & Jewellery Show, one of the largest exhibitions for precious jewellery and watches in the Gulf region, kicked off today in Sharjah, UAE.

The event will run until April 4 and is being held at the Expo Centre Sharjah.

Gold prices are on a rally on the back of increasing geopolitical tensions, a weak dollar and prospects of a US rate hike becoming less imminent, providing a great opportunity for safe-haven and value-buying, said a statement.

Additionally, gold is also at its peak supply this year, which represents the highest level of gold production before its starts to fall, triggering a price rise as supply diminishes, it added.

The 38th MidEast Watch & Jewellery Show was held under the patronage of HH Dr Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah, and was opened by HH Sheikh Abdullah Bin Salim Bin Sultan Al Qassimi, Deputy Ruler of Sharjah.

The opening ceremony was attended by Abdullah bin Mohammed Al Owais, chairman, Sharjah Chamber of Commerce and Industry; Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah, and other officials, dignitaries and industry representatives.

Al Midfa said: “Gold is getting back into its groove. After two straight years of losses, the prices are set to rise. Factors that will prop up prices include economic uncertainties, geopolitics, physical demand and dollar movement. Increasing purchases from central banks is another factor that will increase demand and send gold prices higher.”

“Our region is one place where even gold jewellery, apart from bars and coins, is considered an investment option because of its intrinsic value, and the precious metal has historically been a very good way to store wealth,” Al Midfa added.

The show also caters to the rising demand for luxury timepieces, with the value of Swiss watches imported into the UAE rising 36 per cent since 2011. According to the Federation of the Swiss Watch Industry, the total value of Swiss watches imported into the UAE in 2103 was $1.05 billion.

Aiming to cater to jewellery buffs, connoisseurs, investors as well as traders, the MidEast Watch & Jewellery Show is hosting more than 500 exhibitors and brands from across the world at 20,000 sq m of exhibition space featuring a diverse range of gold and diamond jewellery, precious stones, pearls and watches, it added. - TradeArabia News Service