Dubai: The fall in gold prices is expected to result in strong sales for retailers at the Mideast Watch and Jewellery Show, a bi-annual event which opened in Sharjah on Tuesday.

Gold prices are at a four-week high, but dropped 35 per cent from $1,888.70 an ounce in August 2011. The commodity touched $1,192.90 an ounce — a four-year low — on October 3, 2014.

Saurabh Jain, development manager of Dubai-based KGK, a diamond and gold jewellery retailer, expects to record more than 25 per cent growth in sales compared to the last show held in April this year, when the average gold price was $1,304 an ounce, which is 5 per cent higher than the current price.

“With the festive season and gold prices being lower than last year, we expect good sales,” he said.

Similarly, Harout Yessayan, owner of Lebanon-based Yessayan Jewelry, said he expects a 25 per cent rise in sales of its diamond jewellery compared to April, mainly driven by weddings in the Gulf.

“After a 28 per cent drop last year, the most in three decades, gold prices continue to be on the decline. Although the price has never been an issue for the region’s jewellery lovers, it nevertheless offers them an opportunity to splurge on their favourite designs,” stated Saif Mohammad Al Midfa, chief executive of Expo Centre Sharjah, the show’s organiser.

The exhibition, now in its 37th edition, is taking place at the Expo Centre Sharjah until Saturday. It has attracted over 450 suppliers, manufacturers, retailers, wholesalers and designers — an additional 52 exhibitors compared to the last edition, which was held between April 29 and May 3 this year.

Gold and diamonds were some of the popular imports into the UAE in the first three months of 2014, with consumers buying 200,000 kilograms of those, valued at around Dh37.9 billion, according to a statement by the organiser, citing data by the Federal Customs Authority.

Around 20 countries were represented at the show, with the biggest presence being from Hong Kong, India, Singapore, Thailand and Italy, according to Al Midfa. There were 91 UAE-based companies, up from 85 at the last show. Almost 60,000 visitors are expected to attend the five-day event, Al Midfa said.