MidEast Watch and Jewellery Show to boost sales during festive season

Sharjah, 20th Sept. 2010 — Robust demand for gold jewellery is set to spur sales at the upcoming MidEast Watch and Jewellery Show at Expo Centre Sharjah.The 29th edition of the show will be held at Expo Centre Sharjah from September 28 to October 2.

According to the market report published by the organizers investment demand was the strongest performing segment during the second quarter of this year, posting a rise of 118 per cent to 534.4 tonnes compared to 245.4 tonnes in Q2 2009, according to World Gold Council.

“We are expecting strong demand for gold this season with 2010 consumption looking to surpass levels to reach a five-year high as gold is the world’s strongest tangible investment,” said Mr Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah, ahead of the Mideast Watch and Jewellery Show.

According to World Gold Council, global jewellery demand remained robust in the second quarter of 2010 with consumption totalling 408.7 tonnes. Total gold demand in the second quarter rose by 36 per cent to 1,050 tonnes, largely reflecting strong gold investment demand compared to the second quarter of 2009.

Gold sales at the MidEast Watch and Jewellery Show will be seen as an indicator for the entire sector since the fair is held ahead of the festival season that begins with the Indian festival of Diwali, which is followed by Christmas and New Year.

“We are expecting the MidEast Watch and Jewellery Show to provide further boost to the buying season in the region. Sales have started picking up during Eid Al Fitr, and the ensuing festive season will enhance the demand further. The show is perfectly timed to benefit from this festive buying season,” said Mr Midfa.

MidEast Watch and Jewellery Show