The increasing demand for gold, which reached a 10-year high in 2010, has boosted the expectations of both traders and visitors ahead of the 'MidEast Watch & Jewellery Show' in Sharjah.

The 30th edition of 'MidEast Watch & Jewellery Show' will run from April 5 to 9 at Expo Centre Sharjah, 2011. It is being organised by Expo Centre Sharjah with the support of the World Gold Council and Sharjah Chamber of Commerce and Industry.

“The rise in demand has also reflected positively on gold jewellery sales. Jewellery demand was remarkably robust in the face of record prices in the majority of currencies,” said Saif Mohammed Al Midfa, director-general of Expo Centre Sharjah.

Gold demand in 2010 reached a 10-year high of 3,812.2 tonnes. Demand was up nine per cent year-on-year, and marginally above the previous peak of 2008 despite a 40 per cent increase in the annual average price level between 2008 and 2010.

In value terms, total annual gold demand surged 38 per cent to a record of $150 billion, according to World Gold Council figures.

“There are several factors behind the rise in demand for gold as well as the surge in its price. Inflationary pressure on paper currencies is not showing any signs of easing. Currency inflation is a fundamental driver for the precious metals,” said Al Midfa.

'The middle class is continuing to grow in world’s emerging markets, which is more visible in Asian economies,' he noted.

'Asians have a particular affinity for the precious metals due to their belief in precious metals being a store of wealth. This buying by emerging middle classes is providing a strong push for precious metals prices,” said Al Midfa.

“Hence there is no wonder that the show is the much sought-after event for both traders and shoppers. It’s a win-win situation for both of them. The show will offer them a golden opportunity to make the most of the prevailing market conditions,” he added.

The event will see more than 450 master jewellers and jewellery houses from all over the world occupy 16,000 sq m of exhibition space.

It will feature exclusive designs from Armenia, Bahrain, Brazil, China, France, Hong Kong , India, Italy, Japan, Jordan, Lebanon, Malaysia, Pakistan, Russia, Saudi Arabia, Singapore, Thailand, Turkey, the US and the UAE.

The show will be open daily from 11 am to 10 pm except on Friday from 4 pm to 10 pm with special timings for ladies on April 6 and 8 from 11 am to 4pm.-TradeArabia News Service