Middle East enjoys pivotal position as top export destination of Italian gold jewellery
Dubai, UAE: Over 1,600 leading manufacturers of gold jewellery from Italy and across the globe converged on the much-anticipated winter edition of The Vicenza Fair. Now repositioned as First, the initial offering of The Vicenza Fair for the year, the international jewellery trade event is regarded by industry trend spotters as the barometer for design trends in the market.
First, which covered almost 67,000sqm of exhibition space and spanned over 24km, showcased fine jewellery from top global brands as well as jewellery houses from at least 30 countries including those from the Middle East, for the first time!
Moaz Barakat, Managing Director of World Gold Council in the Middle East, Turkey and Pakistan and a keen observer of the fair, commented, "Now more than ever, quality and design play definitive roles in the jewellery choices made by consumers from all key market segments. This is part of the continuing evolution of the luxury sector which dictates the overall direction being taken by the jewellery industry. There is now greater demand for highly differentiated products not only in terms of the intrinsic qualities of jewellery but also the overall message it communicates."
In association with Fiera di Vicenza, the organizer of The Vicenza Fair and AngloGold Ashanti, the world's second largest producer of gold, World Gold Council champions the use of gold in jewellery and promotes the creation of greater value for the precious metal. Every year, it assembles some of the best Italian jewellers to come up with a gold jewellery collection under the super brand, Gold Expressions, which is annually exhibited at The Vicenza Fair which thereafter tours all key markets worldwide. The Middle East will again be the first to launch the collection after its debut at Vicenza Fair. The output of this leading initiative has become a benchmark for gold jewellery design and craftsmanship worldwide.
The steady gold price hike did not hinder the range of design possibilities presented during the eight-day exposition. "The emphasis is now on added-value in terms of jewellery design, workmanship and strong branding. Today a jewellery piece has to carry a meaningful story for its wearer, be contemporized and modern, making it relevant, explained Barakat.
Thus design holds a pivotal position in the growth of gold jewellery industry at large - a trend clearly demonstrated by the extensive array of creative ideas presented at the fair. Some of the design trends observed included enamelwork, textured gold finish, chains and links, gold with semiprecious stones, gold combined with non-traditional materials and a rich combination of different colours of gold.
In terms of theme, there was a strong tendency to look back to ancient times for design inspirations in categories such as Legendary Stories. Hints of sacred and medieval motifs as well as fantasy symbols were significant in the latest jewellery collections and accessories, categorized as Spiritual Rituality.
According to the latest ISTAT study carried out by the Vicenza Fair Study Centre, UAE along with Russia, Hong Kong, Turkey and Australia showed positive trends in gold jewellery purchase from Italy this year.
In addition, the study cited that during the first nine months of 2007, the Middle East and Eastern Europe jewellery markets soared, registering 65.6% and 50.7% increase in Italian gold jewellery consumption, respectively. Independent GFSM survey reports that during this time the Middle East imported 26 tonnes of jewellery from Italy, an eight tonne increase, officially making the region the largest importer of Italian manufactured jewellery worldwide, surpassing North America.
This is attributed to the regions' vast financial resources which translate to a higher propensity of the respective market to consume.
Barakat proposed: "The only way to free gold jewellery sector from turbulences of the economic cycle is to compete on quality, style and unique appeal of products, leaving aside the dangerous territory of price wars."
First, formerly referred to as Vicenzaoro Winter, has been launched with ambitious goals, evident in its new communication campaign, 'The jewellery supremacy'. The move is in line with the fair's aim to diversify its offerings to meet the needs of a demanding consumer in particular and the gold jewellery sector in general - from companies to distribution channels, trendsetters to retail trade, right through to the end-consumer whose purchases determine the success of each new product. The repositioned event aims to attain a leadership position serving as a benchmark for the gold and jewellery sector.
-Ends-
Note to Editors
The World Gold Council is a global organisation, formed by an association of the world's leading gold mining companies, whose aim is to promote the end-use of the unique and precious metal which they all produce - GOLD. As the industry's marketing arm, the Council, with its global presence, marshals the skills and resources needed to create the market conditions that will allow consumers and investors unhindered access to gold and gold products. As a publicist for gold jewellery and other end-use markets such as industrial use, and investment, the Council works to address any major consumer issues. The Council is a source of data for the gold industry, providing balanced information on gold demands and trends to market participants and key influencers of the financial markets. The World Gold Council brings users, investors and consumers closer to the metal of their choice - GOLD.
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© Press Release 2008
