- UAE gemstone and jewellery market value anticipated to grow with a CAGR of 6.53 per cent in the period of 2023-2027
AV Globale, a business organisation that focuses on auctions and tenders, will showcase the exceptionally unique fancy red round brilliant-cut diamond called the ‘Scarlet Chakra’ by GIA, at DDE (Dubai Diamond Exchange, Almas Tower, Jumeirah Lakes Towers, Dubai. The company will display the precious stone for more than 40 guests at the event, and aims to boost value in the UAE, given that the UAE gems and jewellery market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 6.53 per cent for the forecast period 2023-2027.
As a global hub serving both producers and buyers, AV Globale extends its reach beyond borders to cater to private sales, giving enthusiasts access to some of the rarest diamonds, and precious gems and jewellery available in the world. In line with the vision of Ashish Vijay, Chairman of AV Globale, the company conducts auctions and showcases rare gemstones and diamond jewellery, through the development of a holistic business model that brings together manufacturers of precious and semi-precious gemstones and diamonds. This led to the company's first online auction, which ended on October 7 in Dubai, and resulted in the sale of several precious items worth nearly USD 3 million, marking another noteworthy achievement for the company. At its first auction of polished diamonds, high grade jewellery, and gemstones in October 2022, AV Globale sold a 9.03 carat light pink diamond set in a ring valued at USD 786,786. Additionally, AV Globale facilitated the buyer with financial arrangements through its intermediary capital investment and finance company.
Ashish Vijay stated: “The recent auction was a great success, and we are proud to have received nearly USD 3 million from the event, which was roughly 30 per cent of the total goods offered, illustrating the region's promising market. Our upcoming event, which will introduce Dubai's enthusiasts to the ‘Scarlet Chakra,’ is certain to go down in history. Currently, there are very few straight fancy red diamonds in the world, and none are for sale anywhere. Due to the limited availability and rarity of the diamonds, the addition of this piece to our collection and the opportunity to showcase it in Dubai represent an important achievement for us. Attendees will have the chance to examine the precious stone closely, put it on, and participate in discussions about it. We are excited to be at this event, interact with the public, and share the history of this special diamond, as we believe every stone has its own energy.”
“Due to the rising demand for modern jewellery, expensive gemstones, and increasing number of fashion jewellery designers, the industry is experiencing significant growth in the UAE. By bringing together precious and semi-precious gemstones, diamond manufacturers, traders and retailers we envision an integrated business model that adds value to the industry. Additionally, we hope to develop a number of strategies at this event to help businesses and corporations get the best results from their investments and maximise returns on their investments,” he added.
AV Globale's upcoming event, which will feature their premium ‘Scarlet Chakra’ stone, is set to be a major milestone for the company. Additionally, the stone is scheduled to be put up for an international viewing in November 2022 and for an online auction in December 2022. At the event, Ashish Vijay will speak in great detail about the ‘Scarlet Chakra,’ while also discussing the future of the gems and jewellery market in the modern era.
For further information, please contact:
CommuniGate Middle East
P.O. Box 500270, Dubai, UAE