Sales of jewelery and silver utensils growth during the first five months of this year, rates ranged between 15 and 20%, according to officials of the local companies specializing in the trade and supply of silverware.
The officials said growth was supported by better big witnessed by the tourism and hospitality sector, in addition to the decline witnessed in silver prices at the global level, at rates varying since the beginning of the year, and reflected locally down the rate of 1.5 dirhams on the price of gram silver ore, which currently stands at about three dirhams compared to 4.5 dirhams at the beginning of the year.
They pointed out that contributed to declines in activating the movement of re-export of silver jewelery from Dubai, which serves as a regional center for those products, with the availability of trade facilities and infrastructure that support the legislative ensure the quality and ease of business growth in the sector.
The report of the Chamber of Commerce and Industry (DCCI), was finally released, he noted that the main sources of imports Emirates of silver ore in 2011 were Hong Kong, Turkey, the Czech Republic and the United States, and included key markets for UAE exports of these products in the same year, India, Turkey, Pakistan Nepal, pointing out that there are currently in Dubai 157 Company Trade tableware, silver wares, shapers and three silver, and two for the manufacture of silver pots and silver jewelry, which indicates the importance of Dubai center of the silver trade.
Improved sales
And detailed, official said sales in the company «Papa Silver» for the supply of jewelry silver, goalkeeper Mohammed, said that «low world prices for silver, accompanied by an improvement in wholesale sales of various silver products in the local market as a result of rising demand in the retail sector, affected by the recovery of tourism activity and economic improvement , as well as lower prices, pointing out that «silver sales growth in the domestic market since the beginning of the year until the end of May is estimated at 20%, compared to the similar period of time during the past year.
He pointed out that «the growth was not limited to domestic sales, rising operations of our export to foreign markets different, especially in the Middle East and Africa, by 15% since the beginning of the year, with the increasing demand commerce companies African on the import of silverware of Dubai as a regional hub for different types of silver, both from Korea, Italy, Turkey and China.
For his part, an official said sales in the company «Lights Queen» Trade silver products, Abed Virgin, that «the sales of jewelery silver-growing ranges between 15 and 20% since the beginning of this year as a result of declines successive prices, which reached, currently about three dirhams of silver manufacturer, after passing through the stages of a volatile price change », indicating that« gram silver price varies according to the origin and quantity of workmanship in the works.
He added that «the significant decline in gold prices had a negative impact on the size of the demand for silver jewelry sales, which is a variant of the gifts to the dealers often, in times of rising gold prices. He explained that «jewelery silver plated with gold is one of the species that are experiencing a great demand in the market now, in spite of high prices compared to prices normal for silver, since ranged between 20 and 30 dirhams per gram, and vary according to the processors and the size of the paint, which gradually fades after years of use, depending on the preservation of mixing aromatherapy overload and fatty products.
Tourism activity
In turn, the official said sales in the company «Rose Jasmine Perfume and silver», Nofal Ghafour, said that «drop-out in silver prices since the beginning of the year, which demonstrated clearly since the beginning of May, with the stability of the overall decline at about five dirhams, compared to the corresponding period of last year , contributed to the sales growth rates 20%, during the first five months of this year, with the support of the growth of tourism, which is an important tributary of the sales of jewelery silver », pointing out that« the buyers Europeans and the Russians are preparing the most inclined to buy silverware, followed by citizens, then Arab residents, while Asian buyers prefer silver-plated or gold-blended.
He added that «it difficult for consumers to determine the price of processors silver, determined by sellers according to the factories that are buying them, which vary from one country to another, and vary according to the quality of the piece and the size of workmanship or studding of the stones where», indicating that «some shops selling jewelry silver piece, and some combines sales system in grams and the piece, especially for products Italian inlaid ».
For his part, Director of the company «Japan Jewelry», to trade jewelry silver, Zahir Hussain, said that «the sales of jewelery silver, both products of ornaments or utensils and tableware, has seen growth in sales estimated 15% during the first five months of this year, a result of the recovery of the tourism and hospitality sector, in addition to the decline in world prices of the products, the support of the demand for acquisition, pointing out that «the value decline in the price of raw silver from January until the end of May has elapsed 1.5 dirhams».
He added that «most silver buyers locally are Europeans and Gulf», adding that «prices in the silver industry is subject to competition between traders, one of the standards of the free market in the sector globally.
He Hussein that «the markets the state is renowned regionally quality silver products that contained them, and increase oversight in order to prevent any manipulation which, what makes the operations of fraudulent jewelry silver generally rare, unlike gold, because there is a great benefit of cheating in the concentration of silver, which is the base price in the low compared Balmusenaih, which represent the largest percentage of the price.
Different prices
Moreover, it was considered Director of the company «Jewelry Samer», which operates in the supply of wholesale silver, Maher rare logo, that «silver prices of raw, without any additions processors, fell in the domestic market since the beginning of the year by 1.5 dirhams, these declines reflected turn on the silver manufacturer, and is calculated according to the types of silver and the origin of manufacturing, and that by adding a price Workmanship of all kinds to the cost of shipping », pointing out that« the standards that govern the price of gold are different from silver, which affects the fall in the price of raw dirhams, while not affected by the price of gold greatly increase or decrease by AED, in addition to the price of workmanship in silver exceeds the crude grams silver.
He pointed out that «Silver prices also vary according to the location of sale, as the increased cost of rent for shops that sell commercial centers raise prices has compared بالمحال small in popular markets, and in the House of Commons governs prices the amount of competition between the assignee, which makes the issue of negotiation between the traders and dealers in the silver market is common, other than gold and you are limited bargaining power operations, and made a few percentages in workmanship.
He added that «increase tourist groups and low prices contributed to the increase in sales in the local market rates 20% during the first five months of this year, while the spotted company also inclined to buy from companies operating in North Africa, especially in the Libyan market, which was observed to increase rates Export them with the stability of the security situation there, where the companies went to Dubai to bring in silver jewelery, as representing a regional hub for silverware, with the availability of facilities import and re-export, and procedures for the protection and control of fraud, which are made by the authorities concerned.
The logo that «censorship in markets silver are the only quality and make sure that the quality of silver rounds ( 925), which is the caliber only in local markets, which stamped jewelry him, which will be inspected upon by the staff of supervisory authorities», explaining «companies that operate in the formulation of silver is very limited in the state, and is working to export to foreign markets, with most traders dependence on importing silver jewelery from foreign factories. He stated that the «silver traders do not have a dedicated destination for the sector follow her, but working under the umbrella of the Dubai Gold and Jewellery».
