Diamond Industry’s Focus Turns to Middle East

Diamond and jewelry traders from the Middle East, including Saudi Arabia and Turkey, will be attending the Middle East-China Diamond and Jewellery Summit, to be held at the Atlantis Hotel, Dubai, Nov. 8-9.

The first MECDJ Summit, organized by the Dubai Multi Commodities Centre (pictured), will focus on consumer markets of the 21st century, and aims to enhance trade relationships across the entire value chain of the fast-growing diamond and jewellery industry between the Middle East and China.

“Amid the turmoil of the international financial crisis, leading diamantaires are shifting their focus more and more to the Middle Eastern Markets, which continue to show strong growth potential,” aaid Peter Meeus, DMCC executive director of Diamonds. “Since the beginning of 2008, Dubai is witnessing a phenomenal growth of imports of polished diamonds.”

Commenting on Turkey’s participation at the summit, Imam Altinbas, president of the Board, Altinbas Holding, said: “Annual consumption of diamond jewelry in Turkey now stands at $1.2 billion, rising by 25 percent per year. We at Altinbas are extremely pleased that DMCC has taken the initiative to organise this summit that will provide us with the ideal opportunity to further promote the Turkish jewellery market to the Middle East and Chinese markets.”

Speaking on behalf of the delegation from Saudi Arabia, Essam Jamal, Chairman of the National Committee for Precious Metals and Gemstones, KSA, said: “This summit will focus on the new titans of the jewelry world. As Saudi Arabia garners 80 percent of Gulf diamond jewelry consumption, it is critical for us to have a presence at the summit. This is because a wide range of powerful industry leaders will congregate for the first time at this summit, and share their knowledge and discuss the phenomenal growth of this region.”

The two-day summit will feature panel discussions by leading, local and international retailers such as Damas International, Joy Alukkas, Chow Tai Fook, Chow Sang Sang and Luk Fook. Top jewellery brands including Roberto Coin, Mouawad, and Christies.