Gold is still considered a better option in terms of investment, but the aesthetic value of diamonds is gaining popularity in the maturing jewellery market. Besides, the growing segment of upscale consumers is driving diamond sales up.
According to Karim Merchant, CEO of Pure Gold Jewellers, the growth rate of diamond sales has outpaced that of gold jewellery, although the latter's sales output is still higher in terms of volume.
"I can't say that diamonds have taken over the gold jewellery sales, but for sure the growth rate for diamond jewellery is higher than gold jewellery, but in terms of volume, gold is much higher," Merchant said.
The Dubai-based jewellery group headed by Merchant reported that its diamond sales this summer rose 60 per cent over a year ago.
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Rolf Schneebeli, former head of the World Gold Council, confirmed there has been a shift in jewellery preference among consumers, a sign that the jewellery market is maturing and people's purchasing power has risen significantly.
"We have seen more consumers coming into the market who can now afford to purchase high-end jewellery," Schneebeli told Gulf News.
He said diamonds are still not a better investment alternative compared to gold, but their artistic value is what attracts many consumers.
The number of super-rich residents in the region, those with net assets of at least $1 million, rose 8.3 per cent in 2006 to 9.5 million.
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