Wednesday, Oct 15, 2008
Gulf News
Dubai: The coloured stones market is set to expand, faster than other jewellery categories in the next five years, according to a new survey released yesterday by the Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC).
The findings of the survey were released at the ICA International Gem Fair 2008, the region's first dedicated coloured stones trade show, being held in Dubai this week.
The research, a first for the region's coloured stones industry, was commissioned by the DGC and carried out by the US-based Jewellery Industry Research Institute and UAE-based BUZ Consulting.
Key research findings reveal that of the projected jewellery sales mix over the next three years, coloured stones will account for 26 per cent of total jewellery sales in Dubai by 2011. Whilst historical sales data is not recorded, it is estimated that coloured stones sales currently represent a small percentage of overall jewellery sales.
On a global basis, the market for all gemstones stands at $80 billion (Dh294 billion), representing 55 per cent of total global jewellery industry sales. The global gemstone market includes roughly $10 billion of coloured stones and $70 billion of diamonds and diamond jewellery.
The survey also reveals that coloured stones trade is expected to grow at around six per cent annually by 2010, in comparison to the growth rate of diamonds, gold and all other forms of jewellery.
In further findings, coloured gemstone dealers cited that rubies, sapphires and emeralds were the fastest selling coloured gemstones, comprising 44 per cent, 28 per cent and 24 per cent respectively of their gemstone inventory. Traders and consumers also highlighted their preference for oval shaped coloured stones set in 18 karat white and yellow gold.
The survey consisted of interviews with 50 traders as well as over 100 consumers comprising jewellery shoppers in Dubai.
Gulf News 2008. All rights reserved.
