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Dubai, Apr 3 The Middle East accounts for 35 to 40 per cent of India’s gem and jewellery exports, most of which are routed through Dubai, a coloured gemstone producer has said.
The global market for gems and jewellery items is worth around $85 billion, with annual growth of between 5 and 10 per cent, Gemfields said.
A rough emerald and beryl auction held in Jaipur by Gemfields concluded with an optimism of greater Middle East participation, with the UAE emerging as a major market for India’s gems and jewellery exports, beating US and Europe, it said in a statement.
The auction witnessed the company’s second highest total gemstones auction revenues to date, at $9.9 million. Gemfields’ next auction of rough emeralds is scheduled for July, 2011.
The coloured stones market in the UAE is expected to expand faster than other jewellery categories in the next five years and the auction results underscore rising global demand for Gemfields’ ethical Zambian emeralds, the statement said.
Mr Ian Harebottle, the CEO of Gemfields, said: “The overwhelming interest in attending Gemfields’ auctions provides sound evidence of an increase in demand for our products across all grades and all markets.
“Moreover, it is encouraging to see the enthusiasm and positive response of our downstream clients and partners in furthering Gemfields’ vision of bringing to market a consistent and reliable supply of rough emeralds from a responsibly and ethically operated source. Our marketing programmes are working for our clients, and they’re clearly working for us.”
The UAE accounts for a big portion of this global demand from an end user’s perspective. Expectations revealed that Arab participation at the July, 2011, auction of rough emeralds will reflect better pricing for end-users in the Arab world in the sense that it will give the chance of purchasing the raw material directly from the auction.
The total year-to-date revenue from rough emerald auctions now stands at $37 million. Six auctions held since July, 2009, have generated revenues totalling $55.7 million.
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