Tara Jewellers launches Facebook contest for new Akshay Tritiya collection

To mark the favourable day of Akshaya Tritiya, a special collection with a mix of heavy and light weight gold jewellery has been created and a Facebook contest launched.

Post By : IJ News Service On 03 May 2011 11:30 AM
The market for jewellery, both plain and studded is booming in Dubai and neighbouring areas with newer brands entering the trade to avail of this growing demand, said Harshad Mehta, Vice Chairman, Dubai Diamond Exchange in an exclusive interview with the Diamond World. %% Harshad Mehta who is also honorary Consul of Armenia in Mumbai, besides being a Director of the rapidly growing and globally reputed diamond company Rosy Blue, added that his firm recently launched their flagship brand OMRI, in addition to eight other brands in the United Arab Emirates (of which Dubai is a constituent) and other key markets of the GCC region. The response to these is positive. They are well received by customers. Excerpts :
{{Diamond World :}} What are the special reasons that make Dubai a growing jewellery market ?$$ {{Harshad Mehta :}} The customer is confident of the quality of what he buys there. All globally renowned brands of jewellery are available there. Besides, this market offers quality jewellery that not only suits the tastes of all nationalities but also liked by all age groups. %% {{Diamond World :}} How are retail diamond sales in that region ?$$ {{Harshad Mehta :}} Retail diamond sales across the GCC in 2005 were estimated at US$ 1.8 billion. They must have grown further since then. %% {{Diamond World :}} A number of diamantaires are opening their offices in Dubai, what are the influencing factors ?$$ {{Harshad Mehta :}} We all see this market as the one with a great potential. It is one of the largest markets in the world with a very high growth rate, as also the overall economic factors being very positive all these years. Besides, Dubai has emerged as an important supplier to the GCC region which previously was obtaining most of its requirements from Antwerp or India. Now more buyers and sellers find it convenient to do business in Dubai. When we set up our office, we expected to grow and that has happened as hoped. %% Dubai is a Free Port with a number of facilities provided to all businesses in general. In its Free Zone, where mostly foreign owned companies are located, one can set up a company just within 4 to 7 days and start doing business right away. %% {{Diamond World :}} Any special facilities for diamond business ?$$ {{Harshad Mehta : }}The Dubai Multi Commodities Centre (DMCC) is a special Free Zone set up to promote diamond trade along with business in gold and other commodities. Once its premises are ready, it will probably be housing one of the largest concentrations of diamond traders in the world, with multiple facilities including Clearing Agents, Customs, Banks and the Kimberly Process Certification Office. The necessary vision and leadership for all this is provided by Sheikh Mohammed Bin Rashid Al Maktoum, who is also Vice President and Prime Minister of UAE besides being the Ruler of Dubai.
{{Diamond World :}} Are there any diamond cutting and polished units in Dubai?$$ {{Harshad Mehta :}} There may be just one or two small units which can handle large sizes of diamonds. Since labour is very expensive, it is not viable to set up polished units there. %% {{Diamond World :}} What about availability of bank finance ?$$ {{Harshad Mehta :}} Banks are more cautious about financing the diamond trade in Dubai than in India and Europe, primarily because they have less experience of this business. Foreign banks are of course more forthcoming since they have global experience in this regard and know their clients better, as most diamantaires have their offices in Europe and India. There is a lot of potential in this area, with more local banks needing to get involved in this business. Interest rates are comparable with India and are in the region of LIBOR plus 1 to 4% depending on the client. %% {{Diamond World :}} How does Dubai Diamond Exchange assist this business ?
Dubai Exchange Catalyst for Growth :
{{Harshad Mehta :}} Dubai Diamond Exchange is very active and supports the market. It is actively promoting rough trade by regularly inviting traders and also by canvassing with the diamond mining companies. As a model agency, it is the catalyst for growth of diamond business in Dubai. Having been set up by the Dubai Multi Commodities Centre (DMCC) in 2004 to promote diamond business, it has grown in stature since then. Its board includes some well known personalities from New York, Antwerp and India. We also have the Dubai Gold and Jewellery Group, which seeks to promote retail jewellery business as a whole and is run by professionals.
Dubai-India Collaboration Prospects :
{{Diamond World : }}How do you view prospects for business and industrial collaboration between Dubai and India ?$$ {{Harshad Mehta :}} I am an optimist. I see huge potential for this. In fact, barring oil and gas, Dubai imports all of its requirements and India is already a significant supplier of these to Dubai. India has the capacity to supply manufactured goods, agro products and services that Dubai needs; and the Union Government should do more to promote the two-way trade in the region through Dubai.
Diamond Business Growing Fast :
{{Diamond World :}} Can you give some idea about the rate at which diamond business is growing in that region ?$$ {{Harshad Mehta :}} According to Diamond Trading Company (DTC), the marketing arm of De Beers, the trade in loose diamonds in the whole of the Middle - East region grew by 50-60 per cent in 2006. This region ranks fifth in the world by market size. %% {{Diamond World :}} What actually helps in pushing up diamond business in the U.A.E. ?
Factors Favouring Diamonds :
{{Harshad Mehta :}} Some of the factors that are helping the diamond business in the UAE are, more focus on branded diamond jewellery, better designs that appeal to the large disserting population, increase in the number of shoppers/visitors to UAE and increasing awareness and interest among customers who now consequently prefer to purchase and invest in diamond jewellery rather than in plain gold jewellery. %% {{Diamond World : }}What is your estimate of Dubai’s annual diamond and jewellery business ?$$ {{Harshad Mehta :}} According to the Dubai Diamond Exchange, the total trade in rough diamonds amounted to US$ 3.73 billion in 2005. indicating a growth of 46 per cent over the previous year. %% Dubai’s foreign trade in gemstones, precious metals and jewellery totalled US$ 6.2 billion in the first half of 2006, according to the Dubai World Holding Company, ameinfo.com. This showed that the sector was responsible for 22.17 per cent of all of Dubai’s non-oil related foreign trade in this period. The country exported US$ 6.65 billion worth of these goods and ‘re-exported’, US$ 3.3 billion worth during this period. %% Besides, gemstones, precious metals and jewellery exports made up the largest share of Dubai’s non-oil exports and re-exports, at 28.6 per cent and 33.44 per cent respectively.
Gems & Jewellery Trade Takes Off :
Dubai’s gemstones and jewellery trade has taken off since the establishment of the Dubai Diamond Exchange in 2004 and its subsequent admission to the World Federation of Diamond Bourses. %% {{Diamond World :}} What is Rosy Blue’s business volume in that area ? Harshad Mehta : In 2005 Rosy Blue’s global sales amounted to $ 1.7 billion (Dh.6.25 billion), with sales in the GCC region amounting to US$ 200 million(Dh. 736 million) and US$ 40 million (Dh. 147.2 million) in the UAE. %% {{Diamond World : }}How are India’s jewellery exports to Dubai faring at present ? From where else does it import jewellery ?
India among Key Suppliers :
{{Harshad Mehta : }}For years India has been one of the key suppliers of jewellery to the UAE and this remains so till date. For cut and polished diamonds, India is still the top supplier followed by USA and China. UAE also imports jewellery from Africa, Belgium, Russia, USA etc. Dubai Diamond Exchange and Dubai Multi Commodities Centre are the main organizations that promote diamond jewellery business in the U.A.E.

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