Sheikh Saud opens Watch and Jewellery Exhibition SHEIKH SAUD OPENS WATCH AND JEWELLERY EXHIBITION ADDED BENEFIT OF INVESTMENT TO SPUR SALES AT THE SHOW SHARJAH Contemporary, classic and avant-garde gold and diamond jewellery designs are on display and sale at Expo Centre Sharjah as the 24th MidEast Watch & Jewellery Show got under way in Sharjah yesterday (April 15). The exhibition was inaugurated by H. E. Sheikh Saud Bin Khalid Bin Sultan Al Qassimi ,Advisor at Sharjah Ruler''''s Court. It will run until Saturday (April 19). The biannual international exhibition is held under the patronage of His Highness Dr Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah, and is considered as the most popular watch and jewellery event in the entire region. The opening ceremony was attended by Mr. Ahmed Mohammed Al Midfa, Chairman of the Sharjah Chamber of Commerce & Industry (SCCI), Mr.Saif Mohammed Al Midfa – Director-General of Expo Centre Sharjah, Mr.Fasahat Ali Khan, Adviser to the Chairman and Board of Directors of Expo Centre Sharjah, officials of various government departments, and members of the diplomatic corps and trade associations. "The response we received from exhibitors as well as visitors were phenomenal, despite the record prices of gold that are holding steady above $900 an ounce," said Mr Ahmed Mohammed Al Midfa."Also, going by the number of exhibitors and their exhibits, the show is set to improve upon its sales and visitor turnout figures from the previous edition by a large margin. The increasing importance of gold as an investment option will also spur sales," Mr Midfa said. More than 350 exhibitors from across the world are showcasing the region''''s best and largest collection of most exquisite and intricately crafted jewellery creations for the season at the show.The exhibits include gold and diamond jewellery, all kinds of precious and semi-precious stones and pearls, silver jewellery, and watches. The exhibition is set to achieve high sales figures on back of record gold sales in the country last year. Full-year 2007 gold demand rose eight per cent to 99.8 tonnes in the UAE, according to the World Gold Council figures. The value of gold sales in the country rose 23.8 per cent to $2.6 billion in 2007. Fourth-quarter sales value reached $516 million, almost six per cent increase from the same period a year earlier. Diamond sales is also on the upswing, with the Gulf being the fourth largest market in the world. Industry sources say demand for diamond jewellery has been increasing by more than 40 per cent for the past two years. Rough diamond trade in Dubai itself totalled US$4.8 billion in 2007. "These strong sales figures are enough evidence that high prices are unlikely to dampen the affinity people from the region and the subcontinent attaches to the precious metal," said Mr Saif Mohammed Al Midfa. In addition, "the weakening of the world''''s leading reserve currency, the US dollar, and volatility of stock markets across the world should encourage people to buy gold as investment," Mr Midfa said. "The booming economies of the GCC countries on back of high government spending on infrastructure and huge inflow of foreign investment has spurred sales across all sectors. The increasing demand for high-end jewellery is a proof to this," Mr Midfa added. Master jewellers and designers will occupy a total exhibition area of 12,000 sq. m. for the show. "As in the previous years, country pavilions will be a major highlight. Italy, Hong Kong, Thailand, Singapore, and India will have country pavilions this time," said Mr Fasahat Ali Khan. "A large number of new exhibitors will be coming from India, Italy, Brazil, Japan, Lebanon, Saudi Arabia, and the UAE for the show. This means that visitors can expect several new products and designs from them too," added Mr Khan. The Italian pavilion will have a massive presence at the show, with a 50 per cent increase in the number of exhibitors. Regione Marche is making its launch in the region with a group of exhibitors from Italy.. The high-profile exhibits at the MidEast Watch and Jewellery Show would attract visitors from the Middle East region as well as the Indian sub-continent, the North Africa region and CIS countries. The 24th MidEast Watch and Jewellery Show is open for traders and general visitors. Entry is free. On April 15, 17, and 19 the show will be open from 10am to 10pm, while on April 16 and 18, the visiting hours are 4pm to 10pm. The show will be open exclusively to ladies on April 17 and 19 from 10am to 2pm. The exhibition is organised by Expo Centre Sharjah with the support of the World Gold Council and the Sharjah Chamber of Commerce and Industry.