Dubai to Host Diamond & Jewellery Summit

Dubai Multi Commodities Centre (DMCC) announced Tuesday that it will organise the first Dubai Diamond and Jewellery Summit, with the objective of providing the international jewellery trade with a forum to initiate relationships in the Middle East - the fastest growing market for diamonds.

The inaugural two-day summit will focus on Middle East-China diamond and jewellery trade, and will be held from November 8 - 9, 2008 at the Atlantis Hotel, Palm Jumeirah.

The summit builds on a visit to China by HH Sheikh Mohammed bin Rashid Al Maktoum, vice president and Prime Minister of the UAE and ruler of Dubai, and reinforces ongoing efforts to further strengthen trade relations between both countries. It also follows two strategic agreements signed earlier this year by DMCC with the Government of Panyu, China and with the Gems & Jewellery Trade Association of China, for increased cooperation towards mutual growth and promotion of diamond and jewellery trade.

Diamond trade in the UAE alone witnessed record growth in 2007, crossing the stellar $10 billion mark. Dubai's rough diamond trade alone witnessed a 32 percent growth in the first quarter of 2008 as compared witho 2007, standing at a total of $1.5 billion while polished diamond trade reached $2.7 billion. The Chinese jewellery industry has also achieved record sales in 2007, with a growth of 11 percent compared to 2006, to reach $26 billion.

Ahmed Bin Sulayem, executive chairman, DMCC said: "Emerging economies such as the UAE, Saudi Arabia, Turkey and Egypt are all set to become the centre of the fast-growing jewellery business in the next three years, with Dubai being the natural gateway for the wider region. In fact, the UAE and Hong Kong are among the prominent markets experiencing exponential growth. This summit will focus on the growing business potential between China and the Middle East, two major global trading blocs."

According to Peter Meeus, executive director - Diamonds, DMCC, the summit will serve as a platform for the manufacturing, trading and retail jewellery communities between both countries to mutually grow trade opportunities. He added that the event is poised to further boost the diamond trade industry, promote Dubai as a major diamond hub and present DMCC as the facilitator of the growing diamond trade in the region.

Many businesses in the area of precious metals and colored stones and gems are turning their attention to the Middle East which has become one of the fastest growing consumer markets. This is reflected in the exponential increase of polished diamond imports to Dubai by 69 percent in the first quarter of this year," said Meeus.

Commenting on the opportunities for the diamond industry, Meeus said: "Although diamonds are relatively new in the Chinese and Middle Eastern markets, leading retail jewellery companies have witnessed phenomenal growth in the past decade. DMCC's strategic objective in hosting this summit is to bring these companies together and create opportunities for them to further grow their business."
Source-diamonds.net

Gems & jewellery exports likely to grow by 15-20 pc

MUMBAI: India's gems and jewellery exports is likely to grow by 15-20 per cent this fiscal, a top industry official said today.

"We are expecting the whole gems and jewellery basket to grow by 15-20 per cent this year with gold export forming the major chunk of total exports," Gems and Jewellery Export Promotion Council (GJEPC) Vice-Chairman Vasant Mehta told reporters here.

Gold jewellery could contribute as much as 25-30 per cent in the total export growth, he said.

India accounts for almost 55-60 per cent of the world's total diamond production and its diamond export has reached an almost saturation point, Mehta said.

"The growth in diamond export is likely to remain in single digit, he said.

Gems and jewellery include cut and polished diamonds, gold jewellery, coloured gem stones among others.

The overall export growth of gems and jewellery has seen a 22.67 per cent jump to USD 5.3 billion in the first quarter of the current fiscal as against USD 4.3 billion in the same quarter, last fiscal.
Source-indiatimes.com

India FY09 gems, jewellery exports seen up 20 pct

MUMBAI, July 29 (Reuters) - India's gems and jewellery exports are expected to rise by 15 to 20 percent in the current fiscal year, the top official of an exporters' body said on Tuesday. "Every year it has been growing around that rate... this year also it will grow by 15-20 percent," said Sanjay Kothari, chairman of The Gem & Jewellery Export Promotion Council, at a press meet to announce a trade exhibition next month in Mumbai.

In fiscal 2007-08, net exports of gems and jewellery were at $20.9 billion, data from the Council showed.

Kothari said the global economic slowdown and high inflation would affect the business, but trade shows such as the one next month will "persuade people to increase their spending power." (Reporting by Ruchira Singh; Editing by Harish Nambiar)

Source by in.reuters.com