Diamonds Jewellery Enjoys Surge in Popularity in UAE & the GCC

Diamonds and diamond jewellery are enjoying a surge in popularity, driven by large events such as weddings, as well as young women looking for casual everyday designs, experts said at the 46th edition of the Watch & Jewellery Middle East Show.

Speaking about the impact of events such as weddings on the demand for diamond jewellery, Dilip L. Popley, managing director of Popley Jewellery, said that large statement pieces led the demand for diamond jewellery in the UAE and the GCC. “We create our pieces specifically for the purpose of weddings and other celebrations. Our team of designers work very carefully to ensure that the create attractive traditional designs that appeal to Arab shoppers, as well as Indian and Pakistani shoppers.”

Asked about the impact of the value added tax (VAT) on demand for jewellery, Popley noted that shoppers had refrained from buying in the immediate aftermath of the VAT, which had lead to a tough 2018, but he predicted a better 2019.

Hitesh Mange, retail head of Stargems, said that illusion sets were proving to be very popular with shoppers. “What you end up with is something that looks like a single big diamond, but it is actually made up with smaller gems that give the illusion of a much bigger diamond. Because of this, the price is much lower than what shoppers would pay for a solitaire. The most popular designs in this category revolve around pear-shaped, marquis-shaped, and round-shaped diamonds.”

Mange also noted that diamonds never go out of fashion and their demand remained strong in markets throughout the GCC. “Coloured stones also have their fair share of buyers, but what we are seeing is a clear demand for diamonds and diamond sets. When it comes to coloured gems, we are seeing emeralds and rubies as the evergreen choices. I would say that 70 per cent of our stock is in rubies and emeralds, and around 15 per cent in sapphires, with the remaining balance in other stones such as amethysts and topaz. The bulk of the demand is for pieces with white gold, followed by rose gold, and finally yellow gold.”

Speaking about the dip in gold prices, he said that the company hoped that the fall in gold prices would bring in a large number of shoppers to this year’s exhibition. “This is the first time that we are focusing on having a retail presence at the show. We have been participating consistently at this show for a very long time and we feel that we have a very good idea about the trends in the market. Everyday wear is a growing category with young working women opting for delicate designs and pieces that they can wear to the office as well as outside. These sets usually consist of a pair of earrings, a chain and pendent, and a ring, and prices can range from Dh5,000 to Dh8,000.”

Manish Dhamani, director of Retail at Dhamani Jewels, also spoke about the importance of catering to the growing millennial segment of shoppers. He highlighted how Dhamani Group had created the Dusoul jewellery brand in 2014 to cater specifically to the millennial audience.

“The Dhamani family saw the opportunity to offer affordable jewellery that would address an increasing clientele of global customers and millennials looking for affordable luxury,” he said. “Dusoul was born from the desire to develop collections with a more accessible price point whilst ensuring that the key components of the Dhamani group, quality, craftsmanship and design, are retained.”

Courtesy: Khaleej Times