Jewelry spending in the Gulf reaches $1.4 billion
Jewelry spending in the Gulf region has been steadily climbing over the past few years and has now reached approximately $1.4 billion, making it the fourth largest market in the World in terms of polished diamond consumption. The United Arab Emirates (UAE)’s market share amounts to $300 million—with the total Gulf market steadily growing at a healthy rate of three-five percent per annum.
The Monaco-based Scintilla company, producers of diamond jewelry, has signed exclusive distribution agreements for its product range in the United Arab Emirates (UAE). Scintilla is striving to increase business relations between the Gulf Cooperation Council (GCC) and Monaco through its fine jewelry, using Dubai as a hub to the region.
The distributors are: Al-Futtaim Jewelry, Dubai, Al-Sayegh Jewelry, Abu Dhabi, Al-Liali Jewelry, Dubai, Ajyad Jewelry, Dubai, Mohd. Rasool Khoory and Sons, Abu Dhabi, Al Ain, Dubai, Prima Diamond, Dubai, Safari Gems, Dubai, and Thamina Jewelry, Dubai. The UAE deal means premium Scintilla collections now available in the region include, the five unique style categories: Fiore, Oro, Filo, Moderno, Piccolo.
Scintilla's entrance into the UAE market has been made possible with the support that the Diamond Trading Company (DTC) has shown us, stated Najmudin Sadek, Scintilla-Middle East director. We would also like to express sincere thanks to our retailer-partners who have been very encouraging, and have contributed a lot to the whole marketing thrust. All-in-all this has allowed us to bring, what we think is the most consumer friendly and retailer oriented diamond jewellery branded program to this region."
The UAE will be the first Middle East market to receive its latest jewelry range that features a new security feature in the form of “table-branding”. This concept, pioneered by Scintilla, involves using the latest Ion Beam technology. This advanced form of branding allows experts to authenticate the diamonds, under magnification, even while the stone is mounted, which is not usually the case with most other branding technology. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
- Spend, spend, Spend! Dubai retail sector set to grow by $41 billion in 2014
- Gulf IT spending reaches $2.1 billion in 2001
- Sage Software to leverage projected USD 2.6 billion IT software spend within GCC public sector
- Monaco’s Scintilla in exclusive deal with UAE partners
- Private schools spending in the GCC expected to reach $12 billion in 2020