Dec 21 2005 |
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Saudi Arabia: Diamond Jewelry Market on the Upswing
JEDDAH, 21 December 2005 -- The diamond jewelry market is expanding by leaps and bounds across Saudi Arabia and the rest of the Middle East. "The Middle East accounts for 20 percent of the world's $50 billion market for diamonds and diamond jewelry," Najmudin Sathak, Dubai-based director of Scintilla Monaco Regional Office, Middle East & Far East, said yesterday."The Kingdom enjoys a whopping 70 percent of the Middle East market for diamond jewelry," Sathak told a press conference at the announcement of a partnership deal between Fitaihi and Scintilla Monaco at the Jeddah Hilton. "The fanciest and most expensive piece of diamond jewelry comprising a necklace and earrings marketed by Scintilla so far costs $4.5 million," he added.
Fitaihi, which has its major presence in Jeddah, Riyadh and Geneva, is to market Scintilla Monaco's diamond jewelry, including high-end fancy-shaped limited edition varieties, following the agreement. "Fitaihi is well established as a dealer in niche market jewelry and has plans to further expand its presence," Fitaihi Chief Executive Officer & Managing Director Anees Jamjoom said.
"Every piece of Scintilla Monaco jewelry is made from 18 K nickel-free gold and comes with a hallmark. Scintilla Monaco uses only white diamonds, which vary in color. What's more, each Scintilla Monaco diamond jewelry piece is accompanied by a certificate issued in Antwerp from the International Gemmological Institute.
Soaked in royal splendor, the Principality of Monaco inspires the making of the most exquisite creations in diamond jewelry by Scintilla Monaco. "Every piece of Scintilla Monaco is a breathtaking masterpiece, meticulously handcrafted by our skilled artisans using diamonds in enchanting shapes of heart, pear, oval and Marquise. Scintilla Monaco uses diamonds only of the finest grade, with each one cut to perfection."
By K.S. Ramkumar
© Arab News 2005
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