Dubai has now firmly established as one of the world’s leading gold retail destinations accounting for 25 per cent of global physical gold trade, said a report released ahead of a major industry event.

Dubai International Jewellery Week 2014, one of the most influential jewellery events in the Middle East, will be held at Dubai World Trade Centre (DWTC) from December 3 to 6.

The 19th edition of the jewellery show has attracted more than 380 exhibitors and over 800 brands from 30 countries including 100 new-to-show companies, and will be 25 per cent larger than last year, said the organisers.

The expo leverages a global downturn in the price of gold and growing consumer demand for diamonds to further amplify Dubai’s status as one of the world’s leading international trading and retail hubs for fine jewellery, precious stones and metals, diamonds and pearls, they added.

With increased disposable income and surging tourism driving the UAE’s relentless appetite for jewellery spending, country representation at the 2014 show is 15 per cent up over last year.

Thailand alone has committed to a 42 per cent year-on-year increase in floor-space, while pavilions from Lebanon, Hong Kong and India are 28, 18 and 16 per cent up on last year, respectively, said the organisers.

Trixie LohMirmand, the senior vice president, Exhibitions & Events Management, DWTC, said: "Our exciting exhibitor and brand line-up this year reflects Dubai International Jewellery Week’s standing as a strategic entry point into the highly-lucrative regional jewellery sector."

"Visitors will have the opportunity to buy some of the most beautiful, creative jewellery designs from around the world - in both the super-luxury and affordable brackets," he added.

According to GFMS, a leading independent precious metals consultancy in global gold, silver, platinum and palladium market research, the price of gold is forecast to average $1,270 per ounce this year – 10 per cent lower than the 2013 average of $1,411.23.

LohMirmand said: "Dubai International Jewellery Week offers consumers a unique platform to support local and regional talent while also discovering stunning one-of-a-kind design pieces and the latest trends from around the world."

Also this year, the renowned ‘Dazzling Avenue’ returns with 42 per cent more companies occupying the dedicated area for purveyors of loose diamonds, diamond jewellery, coloured gems and precious stones, he stated.

The growth in diamond-based retailers at the show reflects growth in the trade volume of rough diamonds in Dubai and increasing global demand for diamond jewellery.

The international diamond sales hit a record high of $79 billion in 2013, revealed the ‘Diamond Insight Report’ published by the De Beers Group of Companies.

According to trade statistics from the UAE Kimberly Process Office, the first nine months of the year saw Dubai’s rough diamond trading increase by eight per cent to 108 million carats at a value of $10.5 billion, up 15 per cent against the same period last year.

A total of 58 million carats were imported from January to September at a value of $4.2 billion, while export in the same period was at 50 million carats with a value of $5.4 billion, it stated.

In-line with Dubai International Jewellery Week’s standing as a platform for global jewellery trade players to source new products from an array of international brands, the Hosted Buyer Programme also returns with more than 100 top-level buyers from Russia, Ukraine, Kazakhstan, CIS countries, Turkey, Macedonia, Greece, Saudi Arabia, Bahrain, Kuwait and Qatar due to meet the exhibitors of their choice for focused one-to-one appointments.-TradeArabia News Service