I AM often asked QUESTIONS ABOUT THE JEWELRY JEWELERY MARKET IN THE UNITED ARAB EMIRATES, SIMPLY TALKING, PEOPLE ARE INTERESTED IN “GOLD-DIAMONDS”. More often than not, interest in this topic is manifested by tourists who visit or plan only to visit this wonderful country. ALSO, NOT ONLY TOURISTS ... "ABORIGINS" ARE ALSO INTERESTED IN THESE ALSO. FOR SEVERAL SIMILAR QUESTIONS I WILL TRY TO ANSWER TODAY.
 | Dmitry Kuznetsov, our own expert on jewelry and a regular author Tel .: 050-5226074 |
How much is gold today?
The most frequently asked question - is it possible to buy "cheap" gold in the United Arab Emirates? Apparently, the times when jewelry prices in the UAE were really extremely tempting are still memorable.
Today, the reality is that there is no “cheap" gold anywhere. Prices for this noble metal continue to grow, and it is time to forget about the cost of jewelry a decade ago, and last year's prices will also soon be remembered. Over the past year alone, gold and platinum have risen in price by more than 30 percent. And there are many reasons for this.
According to the latest exchange reports, gold prices continue to break all possible records. The mark of US $ 950 per troy ounce has already been overcome. The reasons for such a significant increase in the price of "solar" metal are well known: rising inflation and growing fears of a recession in the US economy. If we add to this picture such “trifles” as the energy crisis in South Africa, a country that holds a leading position in the production of gold bullion, the pattern of growth in gold prices is not in doubt.
However, not everything is so gloomy. Gold sales in Dubai in 2007 grew by 16%. In this regard, it was interesting to know what Tauhid Abdalla, executive director of Damas, which is a leading jewelry chain in the UAE and neighboring countries, thinks about the situation in the gold market.
According to the annual report, in 2007, the Damas group sold gold worth US $ 4 billion, which is 25% higher than in the previous year. The third quarter was the most unsuccessful, the growth for this period was only 7%. Based on these figures, Tawhid Abdallah believes that in the long run, the high price of gold will not affect consumer demand, and buyers will get used to the idea that prices will continue to remain at a high level.
And a little more boring, but indicative figures. The growth of the jewelry segment in 2007 amounted to 40%, watch sales grew by 50%, however, the volume of investment in gold as an investment fell by 25%. In 2008, Mr. Abdullah predicts a 20-25% increase in the gold market.
Damas. Secrets of the name
Since we’ve started talking about Damas, I’ll probably answer another frequently asked question and talk a bit about this company.
The history of Damas ("Damas") originates in the distant 1907. The first workshops and offices of the company were founded in the Syrian capital of Damascus by the Abdullah family. Hence the name of the company, consonant with the name of the Syrian capital. In 1956, the company opened its first workshops in Dubai, which was then an independent emirate. Constantly developing, Damas already by the end of the 1970s owned a whole network of its own "gold" stores in the Dubai Gold Market. Today, Damas, headquartered in Dubai, is led by three Abdallah brothers - Tawhid, Toufik and Tamjid. Each of them is responsible for his own line of business, and Tamjid also makes designer jewelry, one of which is a Bedouin female mask “burga” made of white gold with diamonds in 2000 won the De Beers award and solemnly traveled to 30 countries of the world.
Damas has long outgrown the borders of one country, and has its own representative offices in many other countries, including the United Kingdom, Italy, Turkey, Egypt, Sudan, Jordan, Yemen, Maldives, India, Lebanon, as well as throughout the neighboring Gulf countries. Worldwide Damas has more than 386 outlets. Today Damas is the official representative of such world-famous jewelry and watch brands as Tiffany & Co., Mikimoto, Daniel K, Gucci, Faberge, Carrera y Carrera, Paspaley, Pasquale Bruni, Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant and many others.
In addition to selling the works of leading world companies, the Damas group has created many of its own jewelry collections, including Boudoor, Hayati, Riwaya, Jawaher, Farasha, Fairuz, Harmony, Farfasha, Al Manthura. As well as watch brands such as Varotti and Aquamarin. Jewelry artworks created by Damas craftsmen have gained wide international recognition. A vivid example of this is the De Beers Award 2000 and 2004, which I spoke about earlier.
So what is next?
What other emirate jewelry companies deserve special mention? In general, there are many firms engaged in jewelry in the UAE, but mostly these are small companies. In addition to the aforementioned Damas company, Dhamani Jewels, a company with more than fifty years of history, can be attributed to major participants in the gold market. Dhamani has an exceptional collection of diamonds and colored gemstones (gems), and in the field of sales of these stones, it probably has no equal in Dubai.
We cannot but pay attention to the Binhendi group of companies. This corporation is engaged in a huge range of diverse activities - from fashion and real estate to restaurant business. BinHendi Jewellry is one of the largest suppliers of branded products in the UAE, and delights customers with products from the famous company Graff, Porche Design and others. For the first time in the UAE, products from 24-carat (that is, almost pure) gold were presented in the stores of the jewelry company Pure Gold. If you translate into well-known standards, then this is 950 test! Ornaments, as well as outlandish animal figures, are made using a combined matte and glossy metal processing that creates an amazing effect. And, finally, another company, Masood Jewelery, also has a whole network of its own stores, which present original and interesting jewelry from different types of gold (yellow, white, pink) and jewelry with pearls.
Where can one buy?
Of course, it would be wrong to ignore the question, where in Dubai is it best to buy jewelry?
The most famous and most beloved place for tourists to "golden shopping" is the famous Dubai Gold Market (Gold Souk), which is a kind of landmark of the city. The market is located in Deira, not far from the Shindag tunnel and the city promenade. The Gold Market has a number of serious drawbacks, or rather, inconvenience. If you intend to arrive there by car, then you can spend more than a dozen minutes searching for parking, and it is not a fact that in the end you will park your car so as not to get a parking ticket from the municipal employee in the wrong place. A taxi will save you from the need to look for parking, but problems can await you after a successful shopping. Taxis that will take you home or to a hotel in this area are very difficult to catch.
Another place of increased concentration of jewelry stores is Gold & Diamond Park ("Gold and Diamonds Park"). Seven to eight years ago, when it was just built, it was believed that G&D Park is far from the city center, but since then Dubai has grown significantly, and now the location of the new center for trading in gold and jewelry can be defined as "between the" old "and the new Dubai. Over the past few years, the complex itself has noticeably expanded. A year ago, another building was added to it, and the number of jewelry stores, as well as workshops, increased significantly. For guests at Gold & Diamond Park there are several cozy cafes. Here on weekdays it is not crowded and not busy, and on weekends there are no problems with a taxi. You can bargain with sellers in the same way as in the Gold Market. I like this place more.
And of course, in all major shopping centers there are always several stores, or even special jewelry ranges, selling mainly branded products. Here, buying jewelry can become part of a comprehensive shopping experience.
That’s probably all. In the future, the practice of answering the questions you are most interested in, I hope, will be continued.
