The Dubai-based Popley Kewalram Jewellers has drawn up plans to enter the high-end diamond jewellery business in the region, opening a chain of exclusive boutiques in GCC countries, starting with Dubai.

"Estimates have put the diamond jewellery market in the Gulf at over $1.5 billion (Dh5.5 billion) and with an annual growth of 5-7 per cent, the potential is very evident," said Dilip Popley, managing director.

He said Popley will enter the regional market for diamond jewellery with a new branded boutique concept, the Popley La Classique.

"Dubai occupies a proud position on the global diamond trading map, being the third largest trading centre in the world for diamond trading. Dubai is seen to play a central role in diamond trading, and we believe it is strategic for us to kick off our diversification from the emirate," he added.

Exports, imports and re-exports of gold and diamond jewellery through the UAE account for an estimated 20 per cent of the global jewellery trade. The demand and uptake of diamonds in the Gulf market are increasing.