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Diamonds Take the Shine
off Gold ahead of Diwali

DUBAI - Diamonds are forever, they say. This Diwali (the Hindu festival of lights), which falls on October 28, the catch-line on diamonds seems to have acquired a more emphatic tone.

Diamond has replaced gold as the most popular item in Diwali promotions in UAE this year.

As jewellery shops all over the country are spoiling shoppers for choice with a variety of ornaments in exquisite gold and precious metals, the rising popularity of diamond jewellery is turning a new leaf. Besides the everlasting quality of diamonds, it’s the fluctuating gold prices that’s drawing people to diamond jewellery. Confirming the growing popularity of diamonds in the UAE, Peter Meeus, Executive Director of ‘Diamonds’ at the Dubai Multimedia Commodities Centre, said: “Amid the turmoil of the global financial crisis, leading brands are shifting their focus to the Middle Eastern markets, which continue to show strong growth potential. Since the beginning of 2008, Dubai is witnessing a phenomenal growth in import of polished diamonds.”

Meeus said this while announcing the first Middle East-China Diamond and Jewellery Summit, slated to take place at the Dubai Atlantis on November 8-9.

Popular gold and diamond retail outlets in the UAE confirmed diamonds have been gaining ground over gold ornaments.

George T.A., Manager, Diamond Division for Joy Alukkas jewellery chain said: “The demand for diamond has increased considerably over the past years as compared to common gold jewellery. The fluctuations in gold prices is one main reason for this.

“We at Alukkas have seen a 40 per cent increase in the demand for diamonds in the last five years.”

Joy Alukkas has launched special offers in the diamond range for Diwali, including a Dh12,000 necklace.

Cyriac Varghese, General Manager of Sky Jewellery, expressed concern over the volatile nature of the gold market. “This year we are expecting a 25- 40 per cent increase in both gold and diamond sales.” Samuel Varghese, the Karama branch manager of Sky Jewellery and Viswanathan Vakayil, branch manager of Chungath Jewellery in Karama, both said Diwali is a time when people will buy gold, whatever be the price.

“For most of the customers who come to purchase diamond jewellery, the stone holds a sentimental value,” said Viswanathan.

Damas jewellery has embarked on an ambitious project to create a signature diamond product called Damas Cut, a 77-facet premium diamond that combines the qualities of various cuts, and is a breakthrough in design and technological precision.

Tamjid Abdullah, Deputy Managing Director of Damas and creator of Damas Cut explained: “Only a handful of jewellery companies across the world can lay claim to having a diamond cut named after them.

“We are delighted to be the first in the world to come up with this shape.”

dhanusha@khaleejtimes.com

• UAE