Wednesday, 25th February 2004 (5567 views)

According to a new report Italy is the main jewellery supplier for the Middle East.

The report by the Professional Committee of Watch-makers, Jewellers and Goldsmiths found that Italy held 44 per cent of the market in finished jewellery exports.

According to Middle East Online, the UAE was found to be the biggest player in jewellery import with €620 million in jewellery taken in.

The report follows the release of figures from GFMS recently, which showed that drops occurred in gold jewellery demand for the fourth quarter of 2003.

The GFMS report pinpointed a rise in gold prices in the Middle East as the reason behind the dip in demand, whilst strong competition from rivals and low consumption from key export markets was attributed to a drop in consumption in Italy.

 

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