Dubai diamonds market ‘set to grow’

With the number of high net-worth individuals worth $30 million and more in Dubai expected to increase by 53 per cent in the next 10 years, the luxury retail markets, including the one for diamonds, will continue to grow, said an expert. Arnaud Flambeau, of Flambeau Luxury Trading Dubai Multi Commodities Centre (DMCC) was speaking at a key discussion the changing luxury retail landscape, and the benefits and challenges of competing on a global scale for international high-end consumers at the recently concluded Dubai Diamond Conference 2013, a DMCC and Dubai Diamond Exchange (DDE) initiative. “With its modern infrastructure, cosmopolitan culture, booming wealthy local population and high level of security and safety, Dubai has become more important than ever for all luxury brands,” Flambeau added. Rihen Mehta, general manager of Rosy Blue, said: "The next logistical step in Dubai’s growth as a diamond hub is to become a centre for jewellery manufacturing. Local companies that have benefited from Dubai’s position between producers and consumers are now gearing up to manufacture their own high-quality contemporary jewellery, pushing Dubai into a new phase of growth.” Amit Dhamani, CEO and managing director of the Dhamani Jewels Group, gave participants an insight into consumer buying trends in the UAE. “The UAE is the highest per capita jewellery consumption destination in the world, with 80 per cent tourists visiting the country buying jewellery during their stay,” said Dhamani. “Most of our Chinese customers buy solitaires and know exactly what they want, whereas the majority of our Russian clientele make impulsive purchases.  Retailers need to understand and cater to the buying habits of their diverse customers.” Ahmed Bin Sulayem, executive chairman of DMCC, said: “The inaugural Dubai Diamond Conference drew over 600 delegates and 28 distinguished speakers addressing critical aspects of the evolving global diamond industry.” “Today’s diamond trade is truly international and the conference roster was indicative of the increasing role the East is playing within the industry.  During the two days, we heard from the leaders of 19 diamond companies and financiers representing companies across the globe, ranging from Antwerp to Zimbabwe. “The public sector has an equally important role to play in ensuring a thriving diamond trade in the future. We heard from Ministers of Mines, the Kimberly Process, Ambassadors and Dubai’s Assistant Foreign Minister for International Organisations, all of whom expressed their commitment towards facilitating cooperation along the New Silk Route.  It was an honour to host such a diverse and insightful gathering that reflects Dubai’s pivotal role in the New Silk Route,” he added. TradeArabia News