Coloured Gems & Meenakari Jewellery In Demand In Dubai: Chandu Siroya

Jewellery demand in the UAE is slowly coming back on track with travel restrictions being eased across the globe and a larger influx of tourists due to the on-going Expo 2020 in Dubai. The International Gem & Jewellery Show (IGJS) organised by GJEPC (11-13 October) is well timed to generate more demand for Indian manufacturers, says Chandraprakash Siroya, Managing Director, Siroya Jewellers LLC and Vice Chairman of the Board of Directors, Dubai Gold & Jewellery Group. Siroya is also a member of the Dubai Gold Advisory group at DMCC and the Dubai Customs Advisory Committee.

Dubai-based Siroya Jewellers LLC has been catering to the jewellery demand of the Middle East for the last 30 years. It is one of the largest importers of gold jewellery from India. Chandraprakash Siroya, in an exclusive interview with Solitaire International, talks about the current market trends in the Middle East.

What is the jewellery demand like post the pandemic?

The markets are opening up and international travel has just started. The jewellery demand is slowly increasing and hopefully by the end of the year we should be at par with previous years.

What are customers looking for at the moment?

Our customers are looking for lightweight jewellery. There are enquiries for both traditional and modern designs.

Dubai is home to over 192 nationalities and jewellers here have adapted themselves to cater to jewellery aesthetics of all the ethnicities. Thanks to the Government of the UAE and Government of Dubai, in particular, that have made it so easy for us to do business that the jewellers here have been able to make the margins so narrow that we can offer our services to all our Indian counterparts and worldwide. Gradually, from being the City of Gold, Dubai is transforming into the Jewellery Destination of the World!

Are people looking at investing in solitaires and higher carat diamonds? Or are they opting for smaller diamonds?

The demand for diamonds depends on the different occasions that can be celebrated. As things get back to normal and we have more gatherings and marriages, the demand for larger solitaires will start stabilising.

Are people opting for plain gold or studded designs?

Gemstones are the flavour of the season. There are a lot of new designs with colour stones, which are being introduced in the market to appeal to the millennials. People are open to bolder concepts. In the plain gold category, meenakari jewellery is commanding the attention of customers.

What are the popular price points?

It depends on the shop location and the local clientele. As tourism picks up, we will see some big changes.

Do you plan to launch a new collection of jewellery?

We are going to introduce lab-grown diamond jewellery shortly. This will be a major disrupter in the jewellery field.

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