MidEast Watch and Jewellery Show opens with gold focus

A Middle Eastern jewellery event with a strong focus on gold has opened in the United Arab Emirates (UAE).

The MidEast Watch and Jewellery Show began at the Expo Centre in the emirate of Sharjah yesterday (October 27th), with more than 450 exhibitors in attendance.

These include designers and jewellers from the UAE, the UK, the US, Italy, Myanmar, Lithuania, India, Pakistan, Japan, Saudi Arabia, Hong Kong and Singapore, among other countries.

Some of the items on display at the event include traditional and contemporary gold, diamond and pearl jewellery and watches.

Ahmed Mohammed Al Midfa, chairman of the Sharjah Chamber of Commerce & Industry, said: "The investor today is highly risk-averse and prefers safe havens such as gold."

Fasahat Ali Khan, adviser to the chairman and the board of directors of the Expo Centre, added: "The upcoming festival and wedding seasons are set to spur demand for gold."

Last month, Sameer Meralli of Dubai Gold Securities told Business Intelligence Middle East that investment demand for gold in the region is currently "robust" as investors make the tactical decision to switch to the precious metal.