Gems and Jewelry Industries of Dubai. Well, Dubai is a beautiful and a global city of the Middle East. It also holds an important place in the global transport hub for passengers and cargo. Oil is the major revenue and it helps to accelerate the development of the city, which was already a major mercantile hub, but Dubai’s gems and jewellery industries also hold an important place in the revenue.
The overall jewellery business has created an impact by the fluctuating gold prices throughout the year and great demand from the customers. The introduction of 5% VAT on jewellery added an extra burden of cost. But, still, people of Dubai love jewellery and gemstones.
The costume jewellery of Dubai witnesses a strong area compared to fine jewellery due to its price point being lower. The main precious and semi-precious gemstones also play a very important role in the gems and jewellery industries of Dubai. Turquoise is considered a pious stone in Islam and it reflects lovely beauty if studded in rings and necklaces.
Turquoise is also used for bringing concentration in mind. Ruby gemstone also carries a very special significance in Islam. Within mass costume jewellery, the main brands which came are Aldo Accessories, Mango, Zara and H&M, these offers and mixed costume jewellery made in gold plated to last longer, and they also contributed less of a negative impact on growth for costume jewellery.
Events are organized such as Dubai Summer Surprises to provide special offers and deals that help in raising awareness and boost sales. Many consumers have a great love for jewellery and gemstones and wait for these events for buying them.
The contribution of strong local leaders plays a leading role. Damas is the leading player of jewellery which is followed by Joyalukkas Holdings, Malabar Group and Richemont (Dubai). Damas carries a very fine quality it holds a strong reputation for its quality and its Emirati heritage, in addition to an international appeal with celebrity and endorsements.
Dubai’s retail jewellery sector has an overall 180 nationalities residing in Dubai. Its jewellery is imported from all over 30 countries thus meeting demand from global tourists visiting Dubai. The gold jewellery of Dubai is sold in 18K, 21K, 22K up to 24K to cater to the needs of every region in the world.
Dubai market has a wide range of jewellery according to the taste and preferences. The sprawling mall’s house of Dubai has some of the world’s finest jewellery. The UAE market offers the perfect selection of jewellery made in 14K and 22K.
The largest chunk of consumers for UAE markets are Asians, predominantly shoppers from the Indian subcontinent. Diwali is an important festival for Indians and for several Indian communities it is an auspicious occasion to buy gold. Traditional gold jewellery and diamond jewellery are in very high demand during this period.
Diamond is considered one of the most demanding gemstones for any auspicious occasion. Consumers are aware of the technical aspects of diamonds and gemstones and they buy for investment as well as for the ornamental value of diamonds. Dubai central laboratories have all the facilities to identify any defect in diamonds and gemstones. Herkimer diamond is also a variety of diamond which can be used for making beautiful jewellery and pendants.
Members of the global gemstone industry held a meeting in Dubai to address urgent concerns over volatile commodity process amid the roller-coaster market graph. The three-day exhibition hosted by the International Coloured Gemstone Association (ICA) and the Dubai Multi-Commodities Centre (DMCC) created an effort to establish a good commodity marketplace in Dubai for developing industry-specific infrastructure and facilities.
But there are many hurdles to cross before Dubai establishes potential envisioned by the DMC. First, gems industry poses major challenges due to skilful imitations, substitutes and enhancements. Grading and pricing are also difficult and it requires considerable industry experience. Dubai also faces customs issues complicating efforts to carry on business with the international players.
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