The 38th MidEast Watch & Jewellery Show got under way on Tuesday (March 31) at Expo Centre Sharjah amid projections by experts that this is the best time to buy gold.
Gold prices are on a rally on the back of increasing geopolitical tensions, a weak dollar and prospects of a US rate hike becoming less imminent, providing a great opportunity for safe-haven and value-buying.
Besides, gold is also at its peak supply this year, which represents the highest level of gold production before its starts to fall, triggering a price rise as supply dwindles.
With experts predicting a rise in gold prices, retailers and master jewellers taking part in the region’s most popular and longest-running jewellery fair expect good demand during its five-day run.
Held under the patronage of His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah, the 38th MidEast Watch & Jewellery Show was opened by H.H. Sheikh Abdullah Bin Salim Bin Sultan Al Qassimi, Deputy Ruler of Sharjah.
The opening ceremony was attended by Mr. Abdullah bin Mohammed Al Owais, Chairman, Sharjah Chamber of Commerce & Industry; Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah; other officials, dignitaries and industry representatives.
“Gold is getting back into its groove. After two straight years of losses, the prices are set to rise. Factors that will prop up prices include economic uncertainties, geopolitics, physical demand and dollar movement. Increasing purchases from central banks is another factor that will increase demand and send gold prices higher,” said Mr. Midfa.
The gold price is up more than 6% (US$0,000.00) after dropping to a 2015 low of US$1,148.20 and has now retraced almost 40% of its losses since the 2015 high of above US$1,300 reached in January. Experts see gold beyond US$ 1,300 very soon.
“Our region is one place where even gold jewellery, apart from bars and coins, is considered an investment option because of its intrinsic value, and the precious metal has historically been a very good way to store wealth,” added Mr. Midfa.
The show will also cater to the rising demand for luxury timepieces, with the value of Swiss watches imported into the UAE rising 36 per cent since 2011. According to the Federation of the Swiss Watch Industry, the total value of Swiss watches imported into the UAE in 2103 was US$1.05 billion.
Aiming to cater to jewellery buffs, connoisseurs, investors as well as traders, the MidEast Watch & Jewellery Show is hosting more than 500 exhibitors and brands from across the world at 20,000 sq.m. of exhibition space featuring a diverse range of gold and diamond jewellery, precious stones, pearls and watches.
The special attractions at the show include attractive deals on high-value purchases, National Pavilions and customisation opportunities, among others. Besides, on every purchase of Dhs 500, visitors will have the chance to qualify for a daily raffle draw.