Drop in gold prices prop up visitors at Sharjah jewellery fair

A major fall in gold prices from the recent peak of US$ 1920 an ounce had residents and visitors turning out in good numbers at the just-concluded MidEast Watch and Jewellery Show at Expo Centre Sharjah. 

Throughout the five-day period of Oct4-8, when the show was held, gold prices were steady between US$ 1,600 and US$ 1,670, offering a golden opportunity for residents to buy into the precious metal. 

“Gold has continued to serve as a hedge against inflation, deflation, equity market decline, and currency risk. The recent correction attracted not only savvy investors but also general buyers and this has reflected positively on the visitor turnout at the 31^st edition of MidEast Watch and Jewellery Show,” said Mr Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah. 

“This was also the perfect opportunity to those who missed the bus last time around to get back on the gold bandwagon,” he added. 

The show attracted nearly 52,000 visitors during the five days, including about 1,500 registered visitors. The visitors came from Afghanistan, Armenia, Azerbaijan, Bahrain, Bangladesh, Belgium, Brazil, China, Cyprus, Egypt, Germany, Hong Kong, India, Iran, Italy, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Libya, Lithuania, Morocco, Nepal, Nigeria, Norway, Oman, Pakistan, Qatar, Russia, Saudi Arabia, Singapore, Sri Lanka, Syria, Thailand, Tunisia, Turkey, Turkmenistan, Ukraine, UAE, UK and US. 

The response received by exhibitors was excellent, so much so that more than 50 per cent of the space has already been confirmed for the next edition of the biannual show. 

“We are exhibiting for the first time and are very impressed with show management, and visitor turnout and response. Our unique designs were a favourite among the visitors and received good orders,” said Mr Vikram of Ramesh Jewellers from Bahrain. The outstanding response has also prompted Mr Vikram to book space for the next edition of the show. 

Mr Sultan Al Sheubi of Sultan Jewelers from Abu Dhabi too had a very satisfying show. “Looks like residents are on a buying spree! Our counters were busy throughout the show and our sales people had a tough time managing several clients at the same time. We are going to be here next time also,” he said. 

“The response was nothing short of overwhelming. We did good business. On day one of the show itself we decided we will book a bigger and better space for the next edition of the show,” said a representative of Jazeera Watches from Saudi Arabia. 

“The more than 50 per cent retention rate has prompted us to prepare well in advance for the next, spring edition of the show which will be staged from March 27 – 31, 2012. With gold prices set to stablise and positive projections for gold demand in the coming quarters, we expect to bring in more exhibitors for the next show,” said Mr Al Midfa. 

Visitors too were ecstatic over the extensive collections of gold and diamond jewellery,  other precious stones and exquisite watches that were on display at nearly 20,000 sq m of exhibition space at Expo Centre Sharjah. 

“The extensive and exciting gold and diamond jewellery works were real jaw-droppers. There were all sorts of creations… ethnic, rare, modern, contemporary, designer etc. And, the best part was the opportunity to customize jewellery,” said a gushing Aisha, who was shopping along with her family members. 

The exhibition was organised by Expo Centre Sharjah with the support of the World Gold Council and the Sharjah Chamber of Commerce and Industry.