Hard luxury segment holds AED 9.4 billion share of GCC luxury goods market, says Bain & Company study
May 22 2016, 16.03 PM IST || Pocket News Alert
LIFEStyle Fine Jewelry LLC, a leading trading company in the UAE specializing in fine diamond jewelry and watches, successfully opened its 30th UAE branch at Ibn Battuta Mall. The new store is the first of its kind to offer the pioneering Coronet® Shop-in-Shop concept boutique. The inauguration ceremony was led by HE Abdullah Al Saleh, Undersecretary of Foreign Trade and Industry of the UAE Ministry of Economy. Accompanying the opening of the new store was a special exhibition of the 400-carat USD 2 million Coronet Diamond Guitar, which holds the Guinness World Records title of being the world’s Most Valuable Guitar. The bejeweled guitar has been hailed and welcomed by top country officials like the Bahrain Prime Minister and leading entertainment personalities such as Hollywood superstar Jermaine Jackson and the Jackson brothers during its recent world tour.
According to a recent study made by Bain & Company, the retail sales of diamond jewelry has increased over the last two years by over four to eight per cent, with solid performance from the US. The report also shows that hard luxury represents as much as 30 per cent, or more than AED 9.4 billion, of the GCC region's luxury goods market, which has performed better as compared to other luxury goods categories in 2015 due to a lower sensitivity to non-GCC tourists. In addition, the rough diamond segment posted an eight per cent growth last year, which is attributed to the continuous sales activity of the world's top five producers.
“This is truly a landmark occasion for us as we open our 30th store in the UAE and its feature of the first ever Coronet® Shop-in-Shop concept boutique,” said Aaron Shum, President, Aaron Shum Jewelry. “We are confident that the opening of this new store will play a significant role in promoting the diverse portfolio of exquisitely designed jewelry brands offered by Aaron Shum Jewelry, Coronet® and brands under LIFEStyle Jewelry. Rest assured that we continue to remain steadfast in our three-point mission of beautifying the world with our meticulously crafted fine jewelry; inspiring moments of happiness and celebrations and playing a key role in the move to further enlighten and enrich women’s lives.”
The Guinness World Records certified the Coronet Diamond Guitar as the world's Most Valuable Guitar. As a collaboration with project partner Chow Tai Fook Jewellery, the largest listed jewelry retailer in the world and music giant Gibson Brands, the Coronet Diamond Guitar is created by Aaron Shum and designed by Hong Kong renowned song composer Mark Lui; the guitar is adorned with over 400 carats of diamonds (11,441 pieces of diamond) encrusted on 1.6kg of 18k white gold.