(MENAFN - Khaleej Times) Traders and buyers have taken Dubai International Jewellery Week by storm as exhibitors see a significant rise in cash deals and international orders as consumer confidence returned to the market.
With billions worth of jewellery on display at the Dubai World Trade Centre, or DWTC, visitors have turned up in the thousands to get their hands on some of the best jewellery products in the industry at the four-day event, which concluded on Saturday.
With the UAE economy forecast to grow by 5.5 per cent annually according to the Institute of International Finance, Dubai's momentum in the retail and consumer market is also set to increase. Buyers also thronged the jewellery show in the wake of declining gold rates, which approached 1,200 an ounce in the international market.
Rohit Dhamani, owner of Dhamani Jewels, said the regional jewellery industry is set to see a boost. Dhamani Jewels, which is showcasing a Dh40 million ring and a new diamond-studded watch collection, concluded Dh500,000 worth of sales on the first day of the exhibition, exceeding last year's figures.
"The ring has attracted significant attention and we have received serious interest from two buyers who are looking to purchase it. I am confident it will be sold by the end of the show. It is the biggest one we have so we are in no rush to sell it," he said.
"We want to give it to the right buyer at the right price. The response from visitors has been overwhelming but we have definitely noticed a difference in the type of clients our products are attracting. Big buyers from all over the world are purchasing our jewellery, which is what we have always strived for, so we couldn't be happier," he added.
Over 360 exhibitors from more than 30 countries showcased their exclusive jewellery collections, precious gemstones and cutting-edge designs at the Middle East's most prestigious and influential jewellery event of its kind.
With 44 different product types, hundreds of bespoke luxury pieces and some never-before-seen pieces on display at the exhibition, the four-day extravaganza offered the perfect opportunity for jewellery enthusiasts, collectors, designers, retailers and wholesalers from around the world to come together and share their passion for the industry.
"We have attended Dubai International Jewellery Week since it began and we have become more successful year after year," Dhamani said.
Prince David, manager of Oyster Bay Gems, who has returned to the show this year, is also thrilled with the number of visitors attending the exhibition.
With a single South Sea pearl costing over 6,000 a piece, David has noticed a shift in direction in the market.
"Business has picked up tremendously this year. We have already placed several orders worth thousands of dirhams and the traders we are attracting are from across the globe. Our company has established tight relationships with buyers from Sri Lanka, Turkey, Azerbaijan and many other countries, which is great for any business," David said.
Victor Moiseikin, who launched his "Horn of Plenty" luxurious mechanical clock, is exhibiting for the first time at Dubai International Jewellery Week.
"People are coming to my stand and they are surprised with my products. My jewellery is more than just a material piece, it is an emotion. I can offer the customer something different, my heart and soul has gone into my designs and I think people in the Middle East appreciate this. New clients have already placed orders for some of my products and local customers have also asked me to create new designs for them," the Russian owner said.
The exhibitors have showcased their latest collections last week in the hope of strengthening their connections with the Middle East and International buyers.
During the show, visitors were able to purchase both affordable and luxurious jewellery to suit every budget.
Trixie Loh Mirmand, senior vice-president of the DWTC, the organiser of Dubai International Jewellery Week, said: "We are delighted with the number of visitors that have attended the show this year. The event underlines the significance of the jewellery industry in the Middle East and the exhibition provides a perfect platform for international brands, regional manufacturers and distributors, retailers, jewellery designers and buyers to come together."