Dubai- Dubai World Trade Centre (DWTC) has signed an historic joint venture with Fiera di Vicenza Spa, the organiser of one of the world’s largest and most-respected jewellery event portfolios, to create ‘DV Global Link’ – a Dubai-based company conceived to consolidate the emirate’s position as the region’s undisputed jewellery capital.
Under the terms of the joint venture – signed by His Excellency Helal Saeed Almarri, Director General, Dubai’s Department of Tourism & Commerce Marketing and CEO, DWTC, and Matteo Marzotto, President, Fiera di Vicenza, at Vicenzaoro 2014, Italy’s leading jewellery event – the two entities will co-organise the inaugural Vicenzaoro Dubai, debuting from April 23-26, 2015, at DWTC.
The new mega show, the latest in the Vicenzaoro series of international jewellery events, is designed to serve established and emerging economies throughout the MENA region and tap into vast luxury market potential in South-east Asia and Central and Eastern Europe.
Vicenzaoro Dubai will leverage the emirate’s growing importance as a world-renowned sourcing and trading hub for gold, diamonds and jewellery. According to Dubai Customs, gold, diamonds and jewellery continue to rank among Dubai’s top imports and exports due to the emirate’s strategic geographical location, world-class infrastructure, geo-political stability, favourable business and tax conditions, strong intra-regional tourism and diverse tourism, leisure and hospitality offerings.
In 2013, some US$ 75 billion (AED281.25 billion) of gold traded through Dubai – representing a quarter of the world’s physical gold trade, according to Dubai Multi Commodities Centre. Meanwhile, on the national level, the UAE already ranks alongside China, India, Russia and the USA in the world’s top five international hubs for gold bullion and jewellery trade.
Strong domestic consumption and international visitor spend are driving Dubai’s growing status as one of the world’s foremost luxury destinations and Vicenzaoro Dubai comes as Bain & Co., a global management consultancy firm, recently recognised Middle East consumers as the world’s highest per capita luxury goods spenders at US$1,928 a year.
With the UAE luxury retail market valued at US$6 billion per annum, Dubai accounts for 30 percent of the region’s vast luxury market (source: Chalhoub Group) and is currently tied with London as the world’s leading retail destination in terms of the highest representation of global brands (source: Euromonitor 2013 Retail Brand Presence Rankings).
“Today marks a significant milestone for both the cities of Dubai and Vicenza, and between Dubai World Trade Centre and Fiera de Vicenza,” said Almarri. “Via the dynamic combination of our shared visions, strengths and ambitions, we shall create a joint venture jewellery event in Dubai which will offer the Italian and international luxury jewellery community a strategic entry channel into one of the world’s most vibrant emerging business districts and strengthen Dubai’s position as a global jewellery sourcing hub and capital.”
Vicenzaoro Dubai is expected to consolidate the UAE’s position as the leading international importer of Italian-made jewellery – nearly a fifth, or 20.7%, of all Italian jewellery exports reached the UAE last year.
Marzotto insisted the formation of DV Global Link was the latest strategic ‘trade’ bridge between Italy and UAE: “This is a historical moment for Fiera di Vicenza and, we feel, for the entire Venetian and Italian trade fair system,” said the President of Fiera di Vicenza. “The agreement with DWTC is a decisive turning point in our company’s globalisation strategy and is represents a union that is highly valuable economically and for the cultural interconnection with a very prestigious partner. This alliance lays a bridge between Vicenza, the pearl of the gold and jewellery industry, and Dubai, an important global luxury destination.”
The DV Global Link joint venture and next year’sVicenzaoro Dubai are not the first partnerships between DWTC and Fiera di Vicenza; the two parties signed an agreement in 2012 for the Italian company to increase Italian and European participation in November’s Dubai International Jewellery Week. Over the last two years, Fiera di Vicenza’s network and influence have resulted in 60 per cent growth in European participation at DWTC’s annual jewellery event.