The 32nd MidEast Watch & Jewellery Show got under way today (March 27) at Expo Centre in Sharjah and will continue until Saturday.

The five-day show was opened by Sheikh Sultan Bin Ahmed Al Qassimi, chairman, Sharjah Media Corporation.

The opening ceremony was attended by Ahmed Mohammed Al Midfa, chairman of the Sharjah Chamber of Commerce & Industry (SCCI), Saif Mohammed Al Midfa – director-general of Expo Centre Sharjah, as well as officials of government departments and trade bodies.

“Gold prices have fallen considerably since the end of last summer and could fall even further in the weeks ahead. Pullbacks in prices are always a golden opportunity to buy and this should not be missed by both investors and consumers to spruce up their portfolios and collections,” said Ahmed Mohammed Al Midfa.

Swiss investment bank UBS expects gold prices to average $1,550 in the short term, almost 13 per cent lower from a previous forecast of $1,775 per ounce.

However, the yellow metal will bottom out and a rally will begin, taking gold above $2,000 later this year if the Eurozone crisis worsens, according to leading independent macroeconomic research consultancies Capital Economics.

“Until then, bargain gold buyers can have a field day and what better opportunity than the region’s most popular jewellery fair, the MidEast Watch & Jewellery Show,” said Ahmed Al Midfa.

For its spring edition, the show is occupying a total exhibition area of 20,000 square metres and hosting more than 450 master jewellers from around the world, attracting importers, retailers and private collectors from across the Middle East region.

“When it comes to a comprehensive show that brings together the best names in jewellery manufacturing, designing and retailing from across the world, there is no other fair in the region to match the size and elegance of the MidEast Watch & Jewellery Show,” said Saif Mohammed Al Midfa.

Diamond sales are also soaring in the region. Globally, the demand for rough diamonds is expected to grow at an average rate of 6.6 per cent to almost $23 billion by 2020, according business consultancy Bain & Co.

The rising demand is being fuelled by increased consumer spending on diamond jewellery in Middle East, China and India.

Expo Centre Sharjah, in an attempt to demystify diamonds and bring it closer to a wider target audience, is hosting a first-of-its-kind seminar during the show.

The IGI Seminar Series sessions will be held in association with International Gemological Institute (IGI), the world’s largest independent gem certification institute.

The seminar on the theme ‘Know Your Diamond’ will be held March 29 and 30.
“Apart from gold and diamond jewellery, finely crafted watches are also a big draw for visitors,” said Saif Mohammed Al Midfa.

According to latest data released by the Federation of the Swiss Watch Industry, the UAE was the Middle East’s biggest market for luxury watches in 2011. The UAE was the world’s ninth biggest market for watches, worth $658 million between January and November 2011.

For its 32nd edition, the show is displaying extensive collections of diamond and gold jewellery, pearls, silver jewellery, gems, precious stones, loose pearls, pearl sets, crystals, watches, timepieces and clocks from a number of countries around the world. – TradeArabia News Service