Dubai will double its gold and jewellery retail space by 2020
Dubai will double its gold and jewellery retail space by 2020 Khaleej Times - 27/03/2006
DUBAI — Dubai will double its gold and jewellery retail space by 2020, according to a top official from Dubai Gold and Jewellery Group (DGJG).
Speaking to Khaleej Times, after a Press conference to announce the fourth Dubai City of Gold Conference, Tawhid Abdullah, Chairman, DGJG, said: "Dubai's gold and jewellery retail space currently accounts for only five per cent of the total retail space in the emirate.
In five years' time from now, we will increase it to seven per cent, while by 2020, we are planing to have 10 per cent of the total."
The biggest retail space is currently occupied by fashion shops, which account for 40 per cent, followed by electronics outlets (25 per cent), cosmetics and perfumes accounting for 10 per cent, super and hypermarkets (10 per cent), while the remaining 15 per cent is shared between gold and jewellery (five per cent) and others.
Abdullah, who is also the Managing Director of Damas Jewellery, said: "Retailers in Dubai will start introducing brand jewellery shops for each and every brand and will be looking for bigger space for those outlets with average size of 80 to 100 square metres."
Damas, for instance, represents 50 brands and we are planning to open 40 stores in the UAE alone in two years' time, while outside the country we earmarked 100 outlets in countries like India, Saudi Arabia, Egypt, Libya, Sudan, Lebanon, Jordan, Thailand, Hong Kong and Singapore."
Meanwhile, the fourth Dubai City of Gold Conference, to be held on April 24 and 25 will set the stage for further development of the industry by addressing vital topics that will enable the industry to lead the road to innovation.
The key focus areas of the conference will be marketing, innovation, education and trade finance which have been carefully chosen to facilitate sustained and increased growth for the industry.
Having gained the support of the local government, the conference will showcase industry development in various emerging markets, including China, India, Iran, Europe, Africa, America and the Middle East.
Abdullah added: "This year's theme will cater to the global jewellery industry challenges, with a particular focus on reinvigorating and re-focusing on the prime needs of winning the hearts and minds of customers.
The conference will also shed light on the crucial role of innovation in all aspects of marketing, design development and even financial management."
"There will also be an overview of trade and finance, analysis of Middle East jewellery industry, and of successful jewellery retailing with a discussion on ways to transcend the retail experience."
"The gold industry is at a crucial stage in its development today and is experiencing growth in all aspects. DMCC has been instrumental in facilitating the development of the local and regional gold and precious metals market and works towards promoting the highest global standards in product and service development, while simultaneously encouraging greater transparency.
It is important for all stakeholders of the industry to work together to ensure that future growth will be streamlined and across all segments," said Ahmed bin Sulayem, Chief Operating Officer, Dubai Multi Commodities Centre (DMCC) — the main supporter of the conference.
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