Monday, 27th November 2006 (3719 views)

With the luxury goods industry accounting for an estimated $100 billion (£51.6 billion) by 2010, watches and jewellery will make up $8 billion (£4.1 billion) of this total, says Tawhid Abdullah, managing director of Dubai Gold and Jewellery Group and Damas.

Addressing a conference in Dubai, Mr Abdullah explained that jewellery and watches are bought by people across the age groups and from both sexes.

And by 2010, he stated his belief that due to Dubai's "emergence as a luxury capital", ten per cent of the world's luxury goods would be purchased in the Middle East.

Moaz Barakat, managing director of the World Gold Council in the Middle East, Turkey and Pakistan, stated: "By developing marketing strategies and business plans built on a structured understanding of the market and in-depth consumer insights and research, we have seen a revival in the demand for gold jewellery."

Sales of luxury Swiss watches grew by 12.2 per cent in the first half of 2006 in the UAE to $175 million (£90.3 million) and Mr Barakat also said that Dubai's gold jewellery consumption had risen by ten per cent last year despite the average price of gold rising year-on-year.

 

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