This article first appeared in the JNA January/February 2025 issue.

Gold jewellery and diamonds were in high demand at Jewellery, Gem & Technology in Dubai (JGTD) 2024, which scored several firsts during its three-day run from November 12 to 14, 2024.

Previously held in February, the show organised by Informa Markets Jewellery and the Italian Exhibition Group (IEG) took place for the first time in November at its new venue, the Dubai Exhibition Centre in Expo City.

Bringing together over 350 exhibitors from more than 25 countries and regions, JGTD witnessed a solid increase in international attendance, notably from the Middle East, Asia, Europe and the CIS countries. It attracted 4,925 unique visitors, with nearly half of them from overseas, representing almost 120 countries and regions. The boost in international buyers came from Asia, showing a 7.6 per cent rise, while Europe and the CIS countries saw a combined 29.3 per cent increase. The latter figure included attendees from Türkiye, Uzbekistan, Kazakhstan and Tajikistan. Furthermore, there was growth in buyer participation from the main Gulf Cooperation Council (GCC) markets, including Kuwait, Oman and Jordan.

Buyer delegations representing over 175 companies from 29 countries and regions were likewise out in force, including groups from China, Jordan, Pakistan, Uzbekistan and Vietnam, and delegates from Africa and the Middle East.

Golden prospects

Gold jewellery was highly sought after by professional trade buyers at the show, with many seeking lighter-weight collections and more affordable pieces given the high price of gold.

Italian chain specialist Alessi Domenico met several new valuable contacts, particularly from Iran, India, the UAE and Israel. A company representative said Indian buyers were interested in silver and 18-karat gold chains, while those from the UAE and Iran were partial to 18-karat gold products.

“The US is our main market, but we are currently diversifying our network and looking at other potential growth areas such as the Middle East,” she said. “In this market, it is important to meet the company managers and gain new insights on the kind of products that they need. JGTD provides us with an ideal platform to fulfill these objectives.”

Unison Manufacturing HK Ltd’s fashionable, price-point items in 18-karat gold were likewise well received by the market, according to sales executive Parth Mehta. 

The company managed to get new clients from Albania, Armenia and Germany at the show. “These are new markets for us, and our jewellery is a new category for them,” Mehta shared.

No stranger to the Middle East, Unison set up its Dubai office in 2019 and now generates 30 to 35 per cent of its revenue from the region. Mehta noted that while the UAE market still gravitates towards bold, elaborate looks, buyers increasingly seek more affordable prices. Jewellery pieces with baguette diamonds in illusion settings therefore move particularly well due to their flashier look and competitiveness.

Piero Speggiorin, export and product development manager of Italian jeweller Maria De Toni Srl, also observed this shift towards lighter-weight jewellery due to recent record-high gold prices. “The market is moving towards more affordable price points. Fortunately, technology today enables us to produce lighter pieces that are equally fashionable and of high quality,” he explained.

The Middle East accounts for more than half of the company’s business, with the remainder coming from Europe. At the show, Maria De Toni signed up at least five new clients including its first customer from Saudi Arabia.

First-time exhibitor, Italian jewellery brand Lisa O, touched base with potential partners from Lebanon, Jordan, Saudi Arabia, Belgium, Italy and France, among others, said owner and designer Lisa Osimo.

She shared, “We are very happy to introduce our brand of fresh and youthful 18-karat gold jewellery to the global market. The show has been extremely successful for us, offering us myriad opportunities for expansion.”

Dubai-based Win Jewellery, which has its production facilities in Sharjah, presented its wide range of traditional gold jewellery at JGTD 2024. Highlights included a new collection of intricate CNC pendant and earring sets adorned with enamel accents. These new releases caught the attention of many buyers at the show, remarked team leader Sunil Kumar. Win Jewellery exports primarily to GCC countries, the US and Australia.

Sparkling marketplace

Diamond traders also enjoyed brisk business at JGTD 2024, both from internal trading among exhibitors and purchases from professional trade buyers hailing from markets within and beyond the Middle East.

Shreyans Dholakia, director and brand custodian of Shree Ramkrishna Exports Pvt Ltd (SRK), noted strong demand for oval and pear-shaped diamonds as well as tailor-made and customised diamonds as clients increasingly sought unique, personalised pieces. The company’s Palm Jumeirah layout of natural diamonds also caught significant attention.

“We initially anticipated a strong turnout from Middle Eastern countries such as Qatar, the UAE, Türkiye and Egypt, and had prepared our inventory accordingly. However, we were pleasantly surprised by the diverse range of buyers in attendance, including customers from Southeast Asia and even Israel,” shared Shreyans.

While a relatively new market for SRK, the Middle East is showing much promise for the company, he continued. Noting that natural diamonds are highly favoured in the region, Shreyans sees Qatar, Türkiye, Azerbaijan, Egypt and Israel playing a key role in SRK's future growth strategy.

“Response at JGTD has been overwhelmingly positive. We had the opportunity to meet with numerous new clients, while also reconnecting with our valued existing ones,” Shreyans said. “The show has been a truly rewarding experience for us on all fronts.”

Finestar Jewellery & Diamonds Pvt Ltd of India was also satisfied with business prospects at JGTD 2024. According to COO Nilesh Chhabria, the diamond manufacturer entertained both regular clients from GCC countries and new leads at the show.

“Dubai has created an ecosystem for the diamond industry that will only get stronger in time. This is the right place for us to be in and the right show to solidify our presence in the market,” he said.

Dubai foundation

Indeed, internal trading accounted for a significant portion of diamond transactions at the show, disclosed Ashish Garg, head of Business at KGK Diamonds.

“Several companies that were based in Antwerp have moved to Dubai, including KGK’s main diamond business. These players were also at JGTD 2024 so there was plenty of internal trading taking place at the show. Certified diamonds of 2 to 3 carats and up were moving particularly well,” he explained.

Brijesh Dholakia, CEO of Hari Krishna Exports Pvt Ltd, agreed that the shifting dynamics of the Middle East – attracting companies from Antwerp, Israel and Hong Kong – present promising growth opportunities for the future.

“Dubai’s growing reputation as a global trade hub was evident in our diverse interactions. Buyers included a mix of new connections and long-standing clients, spanning traders and retailers from regions such as Egypt, Iran, Türkiye and Lebanon. This blend of attendees made the event both dynamic and productive,” Brijesh disclosed.

Calibrated parcels and customised sizes, especially for jewellery manufacturing, moved well for Hari Krishna Exports at the show, with buyers favouring VS2-SI quality diamonds. Demand came predominantly from the Middle East and Europe, with notable interest from the US.

Brijesh also observed interest in both non-certified and certified goods, with a preference for layouts in smaller sizes and larger GIA-certified diamonds of 3 carats and up in VS and SI clarity grades.