A number of emerging players in the diamond business are looking at regional markets, especially Qatar, with a lot of hope.
All of them are particularly optimistic about young clients in places such as Doha and Dubai where there is a growing interest among buyers to collect more exquisite ornaments made of diamonds and other precious stones.
This was the general impression gathered from participants at the Doha Jewellery and Watches Exhibition, which concluded at Doha Exhibition and Convention Centre (DECC) yesterday.
Purnima Sheth, founder of Rose from Mumbai, which made its foray into Qatar at this year’s exhibition, said her experience has been rather good. Expressing happiness at the response she received from local customers, she said some of their most expensive designs had found buyers.
“If one likes a design here it would take only little time for a customer to reach a buying decision. Most of them know it too well which is the best and the one that suits them most,” said Sheth even as she dealt with customers.
Ashu Malpani, president of Hong Kong-based Malpani Exclusive Diamonds and Couture Jewellery, said though the world economy has not completely recovered from the slowdown and the diamond business is becoming more competitive, there are still resourceful buyers across the Gulf region who pick up exquisite pieces and precious stones.
Malpani, whose company has been a regular participant for the last one decade, feels Gulf states, notably Qatar, have a number of diamond connoisseurs. The merchant hoped the situation would improve further in the Gulf region as oil prices have shown signs of stabilising.
Bahrain-headquartered Devji Aurum’s regional director (the UAE) Kapil Dasani said: “The trust that one builds among customers plays a significant role while being engaged in a business such as jewellery. It comes only when we supply them with the best things to suit their requirements,” said Dasani, whose company has not missed a single edition of the DJWE since its launch in 2004.
Dasani noted that locals have a penchant for traditional jewellery collections though they sometimes also look for something more creative, innovative and different. He said the success of the diamond business depends on the jeweller’s ability to retain customers and win over new ones.
Mumbai’s Shenoy Jewellery, which has been present at the show for the last several years, exhibited an array of collections of diamonds and other precious stones. The company, which has an office in Dubai, has a loyal group of local patrons for its exquisite pieces.
One of its officials expects the economic situation to show an overall improvement and said markets will be better towards the end of the year. “Hopefully, many active customers would be waiting to spend on exclusive jewellery when economic conditions improve throughout the region,” he said.
Shenoy Jewellery of Mumbai, operated by Govinda Shenoy, had an array of diamond-studded jewellery at the expo. PICTURES: Shemeer Rasheed
