Dhamani launches diamond collection

Dubai: Jewellers Dhamani has launched the largest collection of certified solitaire diamonds in Dubai, defying the doomsayers harking about a slowdown in the global economy.

At the same time, the jeweller's collaboration with International Diamond Laboratories, a subsidiary of the Dubai Multi Commodities Centre (DMCC), is intended to provide an independent and accurate certification of each product sold in a bid to reassure customers.

"In the current economic situation, people are more conscious of what they are paying for and a certificate assures them of the value of their diamond," said Peter Meeus, CEO of International Diamond Laboratories and executive director for diamonds at the DMCC.

The launch was attended by Ahmad Bin Sulayem, Executive Chairman of the DMCC; Laila Suhail, Chief Executive Officer of the Dubai Shopping Festival Office, and Amit Dhamani, CEO and Managing Director of Dhamani, who underscored that every budget would be catered for at the store.

"If your budget is $500 (Dh1,835) or $5 million, you are welcome [here]," said Dhamani at the launch.

Dubai is a key global centre for distribution and sales in the total world market for jewellery, but as with other places, there is now a growing urgency to continue to attract customers willing to part with their cash.

"The Middle East and in particular the Gulf is currently one of the only markets which is still moving," said Meeus.

"In Japan and America there is a drop in sales and in Europe in general there is a downfall. Saudi Arabia is a very good market, it's more than 65 per cent of the whole GCC market and it's still moving, purchasing power is still ok there," he said.

"If you look at it from a global perspective, the Middle East market [for precious stones] is probably at this very moment the best market in the world."

It is difficult to completely ignore the economic situation however. "We will have less diamonds coming into the pipeline in 2009," said Meeus.