Direct sales at expos cost jewellers over BD9m every year
Bahrain's gold and jewellery sector will participate in the upcoming Middle East's premier gold, jewellery, diamonds and watch show 'Jewellery Arabia 2007' to be held at the Bahrain International Exhibition Centre from November 13 to 17.
This was announced by the members of the pearls, gold and jewellery committee at the Bahrain Chamber of Commerce and Industry (BCCI) after a meeting led by the Chairman of the Committee Dr Ahmed Jassim Tahoo and Jawad Y Yousif Al Hawaj.
During the past few years, the local gold traders and businesses had approached the government to devise a strategy aimed at protecting the local jewellery businesses.
Dr Ahmed Jassim Tahoo, who is a leading businessman, told the Bahrain Tribune that due to the direct sales the local jewellers, at an average, ended up in losing BD9 million every year.
Dr Ahmed Jassim, who is also board member of the BCCI, said that it would be in the broader interest of Bahrain's gold business community to take full advantage of the upcoming event which by all means has emerged as one of the most premier shows in the history of the Kingdom.
Dr Jassim said that organisers of the Jewellery Arabia 2007, Arabin Exhibition Management, have agreed to offer 155 square metres of space on 50 per cent discount as part of their commitment to encouraging the local gold traders to participate in the show. However, the BCCI is still waiting to receive answers from the Ministry of Commerce and Industry wherein BCCI had demanded to put on 'suitcase exhibitors' and the direct sale during expo to those exhibitors who have local dealers or agents.
The BCCI committee members urged the concerned authorities to take all possible steps to safeguard the local gold and jewellery business.
The meeting discussed the existing opportunities and challenges for the gold and jewellery sector and how BCCI should position itself in creating conducive climate to make Bahrain as a gold and jewellery centre in the Middle East.
Dr Jassim said: "The BCCI was very much concerned about the business crunch being faced by the gold traders as the record high prices of gold has impacted the business and the profitability of the entire sector. We have record high prices of gold in the last 28 years and the BCCI was working hard to help the gold business in these tough times."
The meeting, attended by over a 12 leading jewellers and gold traders, has unanimously backed the proposals put forth by the BCCI committee whether to attend the upcoming Jewellery Arabia 2007 or not. Dr Jassim said that he was impressed with the decision of the gold traders as the participation of Bahraini companies in Jewellery Arabia will add a new dimension to this business."
"We are facing stiff competition from the growing markets like Saudi Arabia and Dubai but the demand of high quality gold and unique designs will continue to keep the Bahraini gold business afloat." Jawad Al Hawaj, who is also head of the retail committee and the board member of the BCCI, said that the entire business community should work together to finalise a long term strategy for gold and jewellery business. He said that any decision in isolation would not help any particular segment of the business. He suggested that peal, gold and jewellery committee should finalise a comprehensive business plan under the umbrella of the BCCI.
© Bahrain Tribune 2007
