20 Oct 2019
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VOD Dubai Show Off To a Slow Start
For UAE exhibitors business has been going through a rough patch since the introduction of VAT, reports Arpit Kala.
By: Diamond World News Service
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Nov 15 2018 4:10PM
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Reference: 16803  

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VOD Dubai International Jewellery Show (VOD DIJS), the definitive B2B and B2C jewellery event in the MENA region, has had a slow beginning as the show opened to lesser visitors yesterday at Dubai World Trade Centre. The show is being held from 14th till 17th November.

The show being a mixed format show is yet to prove its worth and only time will tell if the format will be beneficial for the organizers.

The show’s slow start can be attributed to its timing which is amidst the two shows : Mid East Watch and Jewellery Show in Sharjah has gotten over and Jewellery Arabia would begin next week in Bahrain. The footfall and the business at the show is sure to get affected as three jewellery shows are being conducted with a minimal time gap.

In the UAE, the gold jewellery market has continued to feel the impact of the five per cent VAT. Gold jewellery demand in the UAE fell six tonnes in third quarter, down 13 per cent Y-O-Y. For Indian exhibitors, selling gold jewellery in Dubai is getting dearer as goods have become costly due to gold prices in India, which is 10 per cent more than the Dubai price. Then on this price, 5 per cent VAT is added on sale invoice value and 5 per cent customs duty on Custom declared and finally the exhibitors have to pay 3 per cent GST in India. The business runs on very thin margins and the duties levied on gold are affecting the shrinking profit.

There was a mix of Indian and Pakistani buyers looking for traditional jewellery. A lot of well-known names like Hazoorilal, Khanna Jewellers, Diamond Passion, and Bishan Singh Jasbir Singh are exhibiting at the India Pavillion. DiaColor and Khurana Jewellery House have debuted at the show this year.

This year, Dhamani Jewels has participated in the show with their new affordable luxury brand – Dusoul. The brand encompasses the modern, aspirational, inquisitive and ever evolving spirit of Dubai. The brand presents an innovative, sophisticated and interactive retail environment which promises the highest customer experience in the jewellery arena with flagship stores in Midriff City Centre and Atlantis, with many more in the pipeline.

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