SAUDI ARABIA: Jeddah hosts the annual International Jewellery Salon exhibit, the largest event of its kind in the region, with the total value of items on display estimated at five billion U.S dollars

Record ID: 188948

  • Title: SAUDI ARABIA: Jeddah hosts the annual International Jewellery Salon exhibit, the largest event of its kind in the region, with the total value of items on display estimated at five billion U.S dollars
  • Date: 18th April 2012
  • Summary: JEDDAH, SAUDI ARABIA (APRIL 16, 2012) (REUTERS) ELEVATED VIEW LOOKING OVER EXHIBITION HALL OF THIRD INTERNATIONAL JEWELLERY SALOON AT HILTON HOTEL. VARIOUS OF VISITORS WALKING THROUGH JEWELLERY SALOON EXHIBITIONS VARIOUS OF NECKLACES REPRESENTATIVES OF ONE JEWELLERY COMPANY TALKING TO SAUDI CUSTOMER VARIOUS OF JEWELLERY DISPLAYED AT JEWELLERY SALON VISITORS WALKING THROUGH EXHIBITION HALL (SOUNDBITE) (Arabic) EXHIBITOR, ELI NASSAR, SAYING: "Speaking of Jeddah, it's people are rather elite with fine taste and the brands are well known. Jewellery is not something new for Saudi Arabia." JEWELLERY COMPANY REPRESENTATIVES TALKING TO EACH OTHER VARIOUS OF JEWELLERY ON DISPLAY CUSTOMER TALKING WITH JEWELLERY COMPANY REPRESENTATIVES CLOSE OF DIAMOND BRACELET ON DISPLAY TWO WOMEN TALKING TO OWNER OF JEWELLERY COMPANY TWO WOMEN LOOKING AT DIAMONDS IN DISPLAY CASING (SOUNDBITE) (Arabic) SAUDI BUSINESSMAN AND ECONOMIC ANALYST, MOHAMMAD FITAIHI, SAYING: "I believe the jewellery industry is receiving great attention from clients and from the private and public sector. We see there is a great opportunity to invest in this sector." CLOSE OF NECKLACE ON DISPLAY VISITORS TO EXHIBIT LOOKING AT JEWELLERY VARIOUS OF JEWELLERY DISPLAYED AT SALON (SOUNDBITE) (Arabic) SAUDI VISITOR TO THIRD INTERNATIONAL JEWELLERY SALON, AREEJ, SAYING: "Even if the price of gold keeps rising, at the end its value is maintained. There will always be a market for it and I feel there is a high demand for it, particularly recently." TWO MEN LOOKING AT NECKLACES ON DISPLAY CLOSE OF NECKLACES VARIOUS OF OWNER OF JEWELLERY COMPANY LOOKING THROUGH DIAMOND MAGAZINE CLOSE OF GOLD-MADE DIAMOND ENCRUSTED PISTOL WORTH ONE MILLION SAUDI RIYALS (NEARLY US266,652 DOLLAR) VARIOUS OF OWNER OF JAD JEWELLERY COMPANY ARRANGING PIECES FOR DISPLAY (SOUNDBITE) (Arabic) OWNER OF JAD JEWELLERY COMPANY, ROLLA BAHEEJ, SAYING: "As Saudis, we are competing with international jewellery designers coming from 12 countries, but this gives us confidence and also makes us feel we can prove ourselves as a Saudi company, that we are on par with European competitors. We can compete." EARRINGS ON DISPLAY SHELF VARIOUS OF JEWELLERY COMPANY OWNERS ARRANGING DISPLAY HORSE MADE OF GOLD AND DIAMOND ON DISPLAY DURING THIRD INTERNATIONAL JEWELLERY SALON
  • Embargoed: 3rd May 2012 13:00
  • Keywords:
  • Location: Saudi Arabia, Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Business,Arts,Industry
  • Reuters ID: LVABPIWY0BL8MKHZSJ1ULFXFM9AJ
  • Story Text: The Saudi city of Jeddah kicked off the Third International Jewellery Salon exhibit, with jewellery valued at nearly five billion US dollars on display.
    The four-day event, which kicked off on Sunday (April 15) has participation from 12 countries, including the US, England, Italy, Brazil and Saudi Arabia and some of the world's most luxurious jewellery makers.
    The event aims to meet local demand as well as showcase new and unique designs.
    In recent years, the jewellery industry has generally seen a steady decline in demand due to rising prices, but Saudi Arabia has always been a top consumer for jewellery, behind only India, China, the United States and Turkey.
    In 2011 demand for jewellery in Saudi Arabia reached 55.9 tonnes, according to figures from the World Gold Council.
    One exhibitor, Eli Nassar, said Jeddah is an ideal location for the exhibit.
    "It's people are rather elite with fine taste and the brands are well known. Jewellery is not something new for Saudi Arabia," he said.
    The exhibition is open to members of the public as well as potential investors.
    "I believe the jewellery industry is receiving great attention from clients and from the private and public sector. We see there is a great opportunity to invest in this sector," said Saudi businessman and economic analyst Mohammad Fitaihi.
    The most expensive piece on display was a 350-gramme gold, diamond encrusted pistol worth one million Saudi riyals (nearly US266,652 dollars).
    "Even if the price of gold keeps rising, at the end its value is maintained. There will always be a market for it and I feel there is a high demand for it, particularly recently," said Saudi visitor Areej.
    But it was not just the attendees who enjoyed the salon, as some of the exhibitors said it was an ideal opportunity to showcase the work of Saudi jewellery makers alongside their international competitors.
    "As Saudis, we are competing with international jewellery designers coming from 12 countries, but this gives us confidence and also makes us feel we can prove ourselves as a Saudi company, that we are on par with European competitors. We can compete," said the owner of Jad Jewellery Rolla Baheej.
    The Third International Jewellery Salon runs until April 18.
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