Business | Markets
Jewellery consumption soars in Middle East
Partnered with China, the two regions are becoming world titans in the market with 10% surges year-on-year.
- By Natasha Marrian, Staff Reporter
- Published: 00:13 October 3, 2008
Dubai: The Middle East and China are emerging as the titans of jewellery consumption with a 10 per cent year-on-year surge in the two regions, the Dubai Multi Commodities Centre said.
In 2006-07 bilateral trade between the Middle East and China increased by 32 per cent. Non-oil trade between the two regions surged by 47 per cent, said executive director for diamonds at the DMCC, Peter Meeus.
The two regions are also the fastest growing in terms of jewellery consumption, positing "phenomenal" growth in both its private and public sectors, he said.
"There is something very interesting going on. People producing diamonds are asking what do we do with it... there is a definite shift toward the east, the fastest growing regions for jewellery consumption are China and the Middle East," Meeus said.
Industry leaders from the two regions will gather at Jewellery Trade Dubai of Dubai International Jewellery Week to promote trade and investment in jewellery and diamonds.
Dubai's total trade of rough diamonds increased by 36 per cent to reach $3.03 billion (Dh11.13 billion) at the end of the first six months of 2008 and rough diamond imports to the Emirate grew by 23 per cent to reach $1.15 billion from $937 million, during the same period in 2007. This was mainly driven by high volumes imported from Angola (75 per cent), and a 138 per cent rise in imports from China.
Exports in the first half of 2008 rose by 44 per cent to reach a total of $1.88 billion from $1.3 billion, during the same period in 2007. Over 87 per cent of Dubai's rough diamond exports were to the countries in the European Commission (EC) and India, while Dubai's exports to China increased by 950 per cent.
Agreements
Angola, India, EC and China were the top diamond trade partners for Dubai, and jointly accounted for around 85 per cent of total trade volumes.
The DMCC has signed memorandums of understanding with the Penu government in China as well as a further two agreements.
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