SAUDI ARABIA: Diamond dealers and gold merchants showcase jewellery at a fair in the Saudi capital, Riyadh. Experts say the oil rich kingdom is the largest jewellery market in the region

Record ID: 189165

  • Title: SAUDI ARABIA: Diamond dealers and gold merchants showcase jewellery at a fair in the Saudi capital, Riyadh. Experts say the oil rich kingdom is the largest jewellery market in the region
  • Date: 10th April 2013
  • Summary: VARIOUS OF ANTONY LINDSAY, FABERGE WHOLESALE DIRECTOR, SHOWING CUSTOMER ONE OF HIS MOST EXPENSIVE RINGS CLOSE OF RING
  • Embargoed: 25th April 2013 13:00
  • Keywords:
  • Location: Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Business,Arts,Industry
  • Reuters ID: LVA669WKFJYN5XZ8KEHLC36PG3IH
  • Story Text: Jewellery designers from around the world are showcasing their dazzling designs at a fair in the Saudi capital Riyadh.
    More than 70 exhibitors are taking part in this year's fair including heritage label Faberge, french watchmaker Charles Oudin and a collection of local Saudi designs.
    The exhibition started on Monday (April 8) with organisers saying it has attracted large crowds.
    Saudi Arabia has always been a top consumer of jewellery, behind India, China, the United States and Turkey.
    New companies are looking to break into this lucrative market at the same time as competing with more established suppliers.
    Luxury French watchmaker Charles Oudin were among the exhibitors.

    "We feel Saudi Arabia is a very important country in the Middle East, so it is very important for us to be here every year, it is the second year we participate in the jewellery salon," said Claire Berthet, manager of Charles Oudin.
    The fair provides a platform for collectors and jewellery lovers to buy the luxury accessories on show.
    Saudi woman Manal Assad, said the fair provides people with the opportunity to see everything under one roof.

    "The Saudi women tours several countries so she can shop and find the latest models of jewellery, but the good thing about this exhibition is that it gives her the chance to find various kinds of jewellery from various countries in just one place," said Assad.
    Saudi jewellery designer Lilian Ismail is one of the youngest participants at the fair.
    She says she hopes to inspire other young girls to start showing off their creative talents.

    "The problem is that we don't have a lot of Saudi girls in the jewellery field and they are not quite known for participating in such fairs, this is the problem, but I am starting to solve it firstly by designing my own jewellery and then taking part in fairs, I encourage girls to take part even if they are young or are 17 years old. I tell them to enrich their talents and go ahead in their way and don't stop until you progress to the top," said Ismail.
    In 2010 Saudi Arabia consumed 72.95 tonnes in gold jewellery, according to figures from the World Gold Council.
    In 2011 demand for jewellery in Saudi Arabia reached 55.9 tonnes, according to figures from the same source.
    The Middle Eastern jewellery market is considered strong due to the cultural traditions associated with gifting gold jewellery at various life events, as well as a growing trend amongst younger generations who enjoy wearing the pieces.
    Jawad al-Rasheed, a visitor from Riyadh said many people buy jewellery for investment purposes.

    "Many Saudis are buying jewellery, they like the acquisition of jewellery, in fact, it is a very beautiful thing, also jewellery could be a safety factor for people during their bad days during which they can sell it and benefit from it," said Jawad al-Rasheed, a visitor from Riyadh.
    One of the most expensive pieces on display was a rare Golkonda pink diamond by Faberge. The seller, Antony Lindsay said the ring retail value is about 2.6 million U.S. dollars.
    The International Jewellery Salon is considered to be the largest event of its kind in the region.
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