Customers in the Gulf get exposure to the international market through shows such as the ongoing Doha Jewellery and Watches Exhibition (DJWE), a veteran diamond industry professional has said.
Papu Butani, managing director of Butani Jewellery (Hong Kong), also felt that the slowdown in the global economy would help buyers in the Gulf better understand where, how and when to effectively put their money in.
The Hong Kong jeweller said the region’s customers were fast learners when it came to making decisions on the purchase and sale of luxury products.
“My understanding over the last four decades of doing business with the region, particularly Qatar, is that there is an innate passion and urge among the people here to possess premium goods,” said Butani, who has been travelling between Hong Kong and Qatar for business since 1974.  He has seen and experienced how the local market has grown over the decades and is also familiar with changing trends in the jewellery business. Butani has been a part of all previous editions of DJWE.
“While some of the serious buyers elsewhere keep waiting for their purchasing decisions when there is a downturn in their economy, people in this region invest heavily in precious stones such as diamond, emerald, sapphire and ruby during such periods,” said Butani.
This is because of their deep-rooted faith in the revival of their market value in the future, he added.
Speaking on the economic slowdown at the global level, the entrepreneur said wilting under pressure in such situations would only contribute to further weakening the economy.
“Investing in precious stones is one of the viable options to overcome such downturns,” he advised.
Butani has brought at least half-a-dozen pieces worth over QR1mn each. One of the costliest creations at his stall, located in the Alfardan Jewellery pavilion, is priced at a little over QR1.6mn.
The Butani quartet, consisting of Papu, his wife Lachmi and sons Mukesh and Manoj, travel across the world for such exhibitions.
“Doha is a testing ground to gauge the pulse of the global diamond market as this is where most of the major players launch their annual campaign,” he said.