Sharp drop in gold prices set to generate greater buyer response

Sharjah, 17th August 2015: Anticipating a buying frenzy triggered by an unprecedented drop in gold prices, the region’s most awaited jewellery fair is set to expand in a big way for its upcoming autumn edition.

The 39th MidEast Watch & Jewellery Show, which will be held at Expo Centre Sharjah from October 6 to 10, 2015, will occupy 50% more exhibition space and bring together some of the world’s best jewellers and jewellery designers at one place.

Local media reports reveal gold’s biggest price decline in over five years has boosted buying interest with customers across the GCC.

“The sharp decline in gold prices has definitely generated interest among buyers of gold and diamond jewellery. And, if the prices stay low and fluctuate less, the MidEast Watch & Jewellery Show will be a real delight for jewellery buyers,” said Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah.

The show will be held under the patronage of His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah.

The price of gold has dropped to as low as $1,082.27 an ounce and a broadly strengthening dollar has kept a lid on prices as the currency has an inverse relation with gold.

Diamond price too has lost its glitter a bit in the first half of the year, with the industry, until recently one of the very few to escape a trend of falling commodity prices, seeing rough diamond prices tumbling 3.4% in the period.

Prices for the precious stones have fallen 9.4% in the past year, according to the recently launched Zimnisky Global Rough Diamond Price Index.

“In response to growing market demand, and anticipating better consumer response due to low gold prices, the MidEast Watch & Jewellery will be bigger and better this time. The show will fully occupy all the six halls at Expo Centre Sharjah at 30,000 sq.m., as against the past edition’s 20,000 sq m. Connoisseurs will be excited to know that they can find gold and diamond jewellery from across the world brought exclusively for them by more than 500 exhibitors,” said Mr. Midfa.

'Moreover, the show will also be a curtain raiser to the landmark 40th edition of the MidEast Watch & Jewellery Show scheduled to be held at Expo Centre from April 5 to 9, 2016,” he added.

The five-day event will showcase gold & diamond jewellery, diamonds, precious stones, pearls and watches from leading jewellers based in Bahrain, Brazil, China, Egypt, Hong Kong, India, Italy, Japan, Jordan, Lebanon, Lithuania, Malaysia, Pakistan, Saudi Arabia, Singapore, Thailand, Turkey, UAE, UK, USA and Yemen.

During the show, visitors can look forward to special deals on high-value purchases, National Pavilions from India, Hong Kong, Thailand, Singapore & Italy, customization opportunities and other offers.

Another special attraction will be the daily raffle draw that offers fabulous prizes. On every purchase of Dhs 500, visitors will have the chance to qualify for raffle draw. The Hong Kong Pavilion will also give away prizes to visitors.

The show will be held from 6 to 10 October 2015 at Expo Centre Sharjah and the timings will be from 12 noon to 10pm daily, except Friday, 9th October. Friday it will be open from 4 to 10pm. There will also be an exclusive “ladies only” session which is from 12 noon to 4pm on Wednesday 7th October. Admission is free to all.