JNA Nov/ Dec 2021

焦點 JNA Nov/Dec 2021 | 11 Golden opportunities A study by QYResearch Group in June 2021 valued the UAE gold jewellery, gold bars and silver market at US$2.3 billion in 2020. This is expected to be worth close to US$3.6 billion by the end of 2030, with a compound annual growth rate of 3.66 per cent from 2021 to 2030. The World Gold Council (WGC) also cited the Middle East among the drivers of growth in gold jewellery demand in the third quarter of this year, along with China and India. “All markets across the Middle East witnessed year- on-year growth in the third quarter, due to lower and relatively stable gold prices and the easing of Covid-19 restrictions,” WGC noted. Gold jewellery demand in the UAE grew 116 per cent to 8.2 tonnes during this period, compared to 3.8 tonnes in Q3 last year. Improving tourist arrivals, particularly from India, helped boost demand, the council added. Dubai’s annual consumption of jewellery ranges from around 200 to 220 tonnes, according to Tawhid Abdullah, chairman of the Dubai Gold & Jewellery Group (DGJG) and CEO of jewellery wholesaler and retail brand Jawhara. DGJG is the city’s largest jewellery trade body with around 600 companies representing all sectors of the industry. Local production comes up to around 60 to 70 tonnes, he noted. “We work on volume and thus have very small margins, allowing us to keep prices down. Our jewellery stores and chains have pieces with just 4 per cent to 10-15 per cent markup, which cannot be matched anywhere else,” Abdullah commented. Dubai also functions as a major hub for gem and jewellery deliveries to other GCC (Gulf Cooperation Council) countries, including Saudi Arabia, Qatar, Bahrain, Oman and Kuwait; the wider Middle East region; North, Central and South Africa; Central Asia; southern Europe and Russia. The city’s main jewellery suppliers include Italy, India, Indonesia, Malaysia and Turkey. Italian jewellery manufacturers in Arezzo export more than 25 per cent of their production to Dubai, from where these make their way to neighbouring markets and those further afield, said Giordana Giordini, partner of Italian jewellery manufacturer Giordini srl and president of the jewellers of trade organisation Confindustria Arezzo. The Middle East takes in around 40 per cent of jewellery exports from India, according to the Gem & Jewellery Export Promotion Council. And figures from the Jewellery Exporters’ Association of Turkey (JTR) show that a quarter of the country’s total jewellery exports from January to September 2021 or US$987 million worth of products headed to the Middle East. Jewellery exports to Iraq ballooned 400 per cent, while silver jewellery deliveries to Egypt recorded a 360 per cent increase to US$13.4 million, compared to the same period in 2019. Turkish exports of gold jewellery and diamond jewellery to the Middle East grew by 157 per cent during this period, compared to the first nine months of 2019, according to JTR data. Retail spend In its Jewellery in the United Arab Emirates report this July, Euromonitor International noted that Emiratis diverted their luxury jewellery purchases – usually occurring in Europe – to local and international brands in their own country last year, making up somewhat for lost tourist retail in the second half of 2020. The UAE opened up faster than the rest of the world and the resumption of local, regional and international activity further boosted consumption. Favourable gold prices in the first half of 2021 also helped drive demand. “Thanks largely to the return of weddings, fine jewellery is expected to register higher current value growth than costume jewellery in 2021, but by 2022, both are expected to register single-digit growth rates close to each other. Even though the UAE had a very Devji Aurum boutique Devji Aurum 精品店 Ruhi Collection by Devji Aurum Devji Aurum 的 Ruhi 系列