JNA May/ June 2023

FOCUS 18 | JNA May/June 2023 He added that customers mostly ask for certified diamonds of 2 carats and up as well as 10 carats to 15 carats. The most popular shapes are rounds, pears and marquis. Buyers from the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – alongside India, Asia and Europe meanwhile are more interested in finished jewellery. “Design preferences differ for each market and companies have to fully understand the segment they want to focus on,” noted Garg. “KGK offers diamonds, coloured gems and finished jewellery. We can cater to a broad range of markets.” Ionnis Alexandris, antique jewellery expert and founder and CEO of Gemolithos, is also testing the Dubai market. “After Covid, there was a lot of talk about Dubai being the next big jewellery centre. We want to test this ourselves by networking and building our contact base first,” remarked Alexandris. The company official said Gemolithos’ hero collections comprising fine gemstones and jewellery has a potential market in affluent Dubai, including high-profile buyers, private collectors and big companies. “It will take time for us to truly know and understand the market but for now, it is very promising. Our target clientele is here,” he added. ICA President Damien Cody meanwhile expressed confidence that Dubai will rise to become an important hub for coloured gemstone trading, hence ICA’s plan to set up a gemstone bureau in the city. “Dubai is the go-to destination for diamond trading. We will work with the UAE government and DMCC to try and establish the same ecosystem for coloured gems,” revealed Cody. Sparkling future Abdullah of DGJG said his organisation is encouraging a new generation of jewellers and traders to join the industry. Startups can count on government support while organisations like DGJG can provide training in design and marketing as well as assistance in applying for government permits. Bin Sulayem of DMCC said Dubai is bent on strengthening its position as a leading hub for major commodities, including jewellery and diamonds. The key to Dubai’s efficacy is providing the right ecosystem for each business segment, including coloured gems and LGDs. “Back when LGDs did not have a home as no exchange would recognise them, we did not mind (welcoming LGD players in the Dubai Diamond Exchange) as long as they disclose properly and they focus on a different market,” explained Bin Sulayem. DMCC also hosted the ICA Congress 2023 in Dubai in February, which centred on opportunities and challenges in the gemstone trade. Bin Sulayem earlier said DMCC is eyeing to replicate its success with diamonds in the coloured gemstone segment by positioning Dubai as a preferred trading hub. Industry players India-based diamond manufacturer Shree Ramkrishna Exports Pvt Ltd (SRK) is upbeat about business prospects in Dubai – a new market for the company. SRK established an office in Dubai in 2022 to bolster its presence and support its expansion in the city, according to Shreyans Dholakia, brand custodian at SRK. “Dubai is increasingly growing. A great deal of people are migrating to Dubai and more people equates to more money flowing in the city,” remarked Dholakia. “The city is competitive and geographically accessible. It is a promising market.” SRK exhibited at JGTD 2023 for the first time where it entertained potential customers from Dubai, Doha, Bahrain, Switzerland, Singapore, Australia and Israel. Dholakia said SRK is prepared to meet strong market demand for fancy shapes, adding that this product segment comprises 50 per cent of SRK’s production. There is also solid interest in melees and stones of 5 carats to 7 carats. Post-Covid, the manufacturer started implementing a different business approach where it produces goods upon order as opposed to keeping stocks ready and offering them to buyers. Ashish Garg, head of sales at KGK Diamonds & Jewellery LLC in Dubai, also believes that Dubai is poised to become a major jewellery and gem-trading destination, thanks to its competitiveness and geographical location. Further expansion would mean new customers from Eastern Europe and Africa, among other markets, for Dubai-based manufacturers, added Garg. “Anything that is six hours away from Dubai should be our customer. That goes to show how accessible Dubai is. We would like to cater to this clientele,” noted Garg. 2024 Year when the United Arab Emirates takes over as chairman of the Kimberley Process 阿联酋接任金伯利进程主席国的年份 Gold Souk in Dubai 迪拜黄金市集

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