The event showed that gold has not lost its sheen

A renewed demand for safe-haven products and an improvement in consumer sentiment towards gold attracted quality visitors to Expo Centre Sharjah’s jewellery fair.

The 40th MidEast Watch & Jewellery Show, held in the first half of last month, was seen by jewellers as a key platform for spurring sales after a lacklustre first quarter, the event’s organiser said. 

“Indications that gold prices possibly bottomed out came in December last year. They are currently seen rising, putting to rest concerns of consumers and investors that they are buying into or holding onto something that is consistently losing its value. Besides, the safe haven aspect has become more relevant now, and is triggering a buying spree during the show,” said Abdullah bin Mohammed Al Owais, chairman, Sharjah Chamber of Commerce & Industry and Expo Centre Sharjah.

Jewellers point out that gold prices at $1,230 are very reasonable and this level could be sustained through the second quarter. They say this is a positive change since gold sales were affected in the last quarter of the past year and for most part of the first quarter of this year amid forecasts that gold prices may fall below $1,000, a statement from Expo Centre Sharjah said.

“Going by the visitor turnout and buying patterns, we can surely say that gold has regained its allure among both general consumers and investors. And the icing on the cake has come in the form of the 40th MidEast Watch & Jewellery Show celebrations and the chance to indulge in the largest and finest gold and diamond jewellery showcase in the region,” said Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah.

“Analysts say a slew of factors have driven gold prices up in the past few months, right from concerns about world markets to oil prices and political tensions. Gold has also benefited from increased scepticism over the waning power of global central banks to prop up their economies and negative interest rates in Europe and Japan,” the event company’s statement said.