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The coloured stones market is set to expand faster than other jewellery categories in the next five years, according to a new survey released recently by the Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC). The survey, a first for the region’s coloured stones industry, was commissioned by the DGC and carried out by the US-based Jewellery Industry Research Institute (JRIA) & UAE-based BUZ Consulting.
Key research findings reveal that of the projected jewellery sales mix over the next three years, coloured stones will account for 26.0 % of the total jewellery sales in Dubai by 2011. “Dubai has taken a proactive step through this new research commissioned by DMCC. The driver for the growing demand for coloured stones is today’s fashion-conscious consumer, who seeks unique jewellery pieces. The versatility of coloured stones provides a great opportunity for designing exclusive jewellery pieces,” remarked Gaiti Rabbani, Executive Director, Coloured Stones & Pearls Division, DMCC.
According to Kenneth Gassman, Founder & President of the JRIA, rubies, sapphires and emeralds were among the fastest selling coloured gemstones at 44.0 %, 28.0 % and 24.0 % respectively. The survey was based on interviews with 50 traders as well as over 100 consumers comprising jewellery shoppers in Dubai.
On a global basis, the market for all gemstones & gemstone jewellery stands at USD $ 80.0 billion, representing 55.0 % of total jewellery industry sales. Of this, roughly USD $ 10.0 billion is for coloured stones and USD $ 70.0 billion for diamonds and diamond jewellery.