Dubai Jewelry Show Aims For Center Stage

By Edahn Golan

Dubai continues to expand its efforts to draw global businesses to its sandy shores, and with the formation of the Dubai International Jewellery Week, the emirate turned its attention to further attracting the jewelry trade to the region.

The three-show, six-day event spanned the full gamut of the industry and included wholesale diamond B2B trade to private VIP high-end shopping and even royal auctions.

Dubai International Jewellery Week, which took place December 11-15, 2007 at the Dubai International Convention and Exhibition Centre, is being positioned as the premier jewelry exhibition in the region.  Formerly  three  separate  shows taking place at different times throughout the year, the new format is aimed at not only consolidating the three events into a single week and location, but also at promoting  the week as the most important jewelry trade event for the entire Gulf region, one of the world’s largest gold  jewelry markets.

Jewellery Collections Dubai, the most retail-oriented show of the three, was heavily dominated by private consumers seeking to buy directly from diamond and jewelry wholesalers.

The 250 exhibitors at Jewellery Collections Dubai also made this the biggest event of the week. Style-wise, the show brimmed with elaborate diamond, gold and gem-set jewelry. Buyers sought out rings with large abstract shapes and big heavy necklaces with ornate designs. Baguette cut diamonds were especially popular, with fancy shapes generally attracting more attention than round cuts.

Exhibitors showcasing animal-oriented pieces, such as tigers, snakes, lions and birds were the most common.  These designs were heavily set with diamonds and other precious stones, such as sapphires, tourmalines, citrines and rubies. Pearls, very popular in East Asia, were also on display, but attracted less attention.

From a loose diamond perspective, Sightholders and big traders reported inquires for high color diamonds in clarities of VS+, usually for diamonds weighing more than a carat.  “We’ve had many inquiries for high quality goods,” said one Sightholder in the Belgium pavilion.  “They were willing to pay the price but were picky about the quality.”

A salesperson from another large firm reported that buyers were decisive about their purchases. However, he lamented the low number of visitors over the first couple of days of the show. “During the women-only hours there was no one. The place was completely empty,” he said.

One sales representative from Singapore’s Teng Huat said she only saw interest in finished jewelry with inquiries focusing on items set with smaller goods of SI quality.

At the same time, approximately 40 exhibitors took part in Jewellery Trade Dubai – a more wholesale-oriented show. Although it took place in the same venue, the different character of the exhibitors, and their keen interest in doing business with jewelers rather than individuals, meant the amount of foot traffic through its aisles was considerably lower.

“I’m not here to sell a diamond ring; I’m looking to grow my business,” said a dealer specializing in fancy cut goods.  “Therefore, I don’t care if we don’t make any sales, but if I find a good long term local client, I’ll be very happy.” Late in the week, he reported that he had engaged in serious discussions with a very large regional retailer.

During the show, a medium size polished diamond dealer  from Antwerp  reported decent  sales, but expressed disappointed  that  the  show ended on a Thursday night, especially due to the fact that Friday is a day off in the region. “Buyers from Saudi Arabia or Bahrain are nowhere to be seen. I’m sure that tomorrow, when they have more time, my kind of clientele will be here. It’s a shame that my booth will be already packed [away].”

His comment reflected a widespread sentiment among exhibitors, many of whom expressed interest in continuing to do business throughout the weekend.

Indeed, as many hoped, Friday was a very busy day in the retail section. Visitors lined up at the registration stands and later at the security checks in front of the entrances to the halls hosting Jewellery Collections Dubai, which continued after Jewellery Trade Dubai shut its doors. The aisles were crowded with visitors, both individuals and business buyers, all vying for a chance to buy goods at one of the many counters or in private trading rooms.

Three days after the first two shows got underway, Areeq Dubai, the high-end luxury show, opened.  A quiet VIP, invitation-only show, Areeq Dubai provided an intimate setting for up-market companies  such as Harry Winston, Dhamani, Mi Mi, Daniel K and  local  retailer Damas. Damas, the largest jewelry retailer in the Gulf region, appropriately had the largest presence at the luxury
show.

The show was officially opened in the presence of Sheikh Makhtoum, a member of Dubai’s royal family. The sheikh attended the opening event of Areeq Dubai, an auction of the Dalumi and Gianfranco Ferré diamond-studded outfit, which had been on display at other shows throughout the year.

The diamond outfit, which included a blouse set with 905 G-H/VS-SI1 diamonds with a total weight of 264 carats, was Gianfranco Ferré’s last creation before his death. It was offered in a closed bid auction with a reserve price of $650,000, however, the piece failed to meet its reserve.

The organizers of Dubai international Jewellery week event, the Dubai World Trade Centre, hope that the new format will become the local version of the JCK Las Vegas, Basel or Hong Kong shows, with traders from the region locking to the show.

Although  there  is  some distance  to go  to  reach  the magnitude of  these  shows,  the potential  is certainly there. The Gulf has a ferocious appetite for jewelry, the financial might to purchase it and, most importantly, a lack of other shows to cater to its needs.