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Drop In Gold Prices Set To Spur Buying

Those who have stayed away from gold due to rising prices have reason to smile. The recent, near 20 per cent fall in gold prices has opened up a golden opportunity for them to buy gold jewellery, bars and coins.

From its all-time high of US$ 1920.30 per ounce, the price of the yellow metal fell more than US$ 385 per ounce to touch US$ 1531.50 and has since gone up to trade between US$ 1,600 and 1,700, which is still far away from its peak.

However, gold’s appeal as a safe-haven asset remains intact given the uncertainty in global growth and concerns about Europe’s sovereign debt, and strong investment demand is likely to push gold towards US$ 2,000 by the end of the year, newswires quoted analysts as saying.

The drop in gold prices is set to bring in more buyers to the MidEast Watch and Jewellery Show that got under way at Expo Centre Sharjah on October 4, 2011.

The 31st edition of the show was inaugurated by Sheikh Abdullah bin Salim bin Sultan Al Qassimi, Deputy Ruler of Sharjah. It will continue until October 8, 2011.

The opening ceremony of the show was attended by Mr. Saif Mohammed Al Midfa – Director-General of Expo Centre Sharjah, officials of various government departments, and members of trade associations.
“Experts are of the view that gold prices have bottomed out… and with prices projected to rise this is the best time to buy into gold in a big way,” said Mr. Saif Al Midfa, after the inauguration ceremony.

“Since we haven’t had any correction for many months, this drop in prices has brought tremendous value to the market… there is no better time than this for people who are waiting to buy gold,” Mr. Midfa added.

Apart from gold, diamonds too have turned out to be an alternative investment asset class for residents, with retail sales registering 20-25 per cent increase in the first half of the year.

“Diamonds are also fast becoming an option for alternative investment. Diamond jewellery sales during the spring edition of the MidEast Watch & Jewellery Show were robust and we expect sales to shine this time too,” said Mr. Saif Mohammed Al Midfa.

The total diamond trade volumes for 2010 reached 268.7 million carats, up by 50 per cent from 178.1 million, while the value doubled from $17.9 billion to $35.1billion, according to Dubai Diamond Exchange.

“Diamonds currently represent a huge chunk of the jewellery trade in Dubai and the sparkling designs at the show are sure to attract connoisseurs of the precious stone,” he added.

Several exhibitors are planning to launch their new designs at the show. “We are launching five, handmade, diamond-encrusted watch designs that appeal to both men and women. This is apart from the fine and luxurious jewellery that will be on display,” said Mark Karam of Mark Mucca from Lebanon.

Visitors can expect a wide variety of jewellery designs from all parts of the world under a single roof at the show. This is especially true because each exhibitor are trying to ensure that its creations stand out from others, as Dhawal Jain of Unialmaz from India pointed out: “Visitors can expect new, contemporary and modern designs which are handcrafted into unique masterpieces that can be treasured for a lifetime.”

"We balance art and fashion for distinctive and timeless creations, through the perfect mix of dreams, art and skill. Inspired by the roots of culture, each piece is backed by intensive research and changing global trends, which give our products the edge,” said Vishal Rampuria of Exquisite Jewellery from India.

Apart from rare and ethnic jewellery pieces, visitors can also expect patented jewellery, courtesy exhibitors like Coronet Solitaire that sponsored Miss India Worldwide 2011 held in Abu Dhabi recently, opportunity to customize
jewellery and creations ranging from the young and fun to the rich and classic.

General visiting hours are from 11am to 10pm, while on Friday it will remain open from 4pm to 10pm. Exclusive ladies timings are on Wednesday and Saturday from 11am to 4pm.

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