New UAE laws implemented to bolster trade and positive forecasts from The World Gold Council enhance VOD Dubai International Jewellery Show’s status as an unmissable industry event.
VOD Dubai International Jewellery Show (VOD DIJS), the MENA’s only B2B and B2C jewellery industry mega event, presents an even more valuable platform for stakeholders to partake in following UAE government measures that aim to improve the business climate and further attract investors to the country. The World Gold Council has also forecasted a strong gold performance in the coming months, making VOD DIJS, set to take place on November 14 to 17 at Dubai World Trade Centre (DWTC), an immensely beneficial strategic meeting time and point for international trade organisations, wholesalers, manufacturers, traders, retailers, and end consumers.
MENA’s Jewellery Industry set to reap the rewards of UAE’s second phase of government reforms
The buzz around VOD DIJS continues to grow significantly, boosted even more by the major advantages that new government reforms will bestow upon its stakeholders. As Dubai prepares to launch a second phase of incentives in September 2018 to reduce the cost of doing business, stimulate economic growth, and boost the emirate’s gross domestic product, the region’s jewellery professionals and consumers can look forward to a reinvigorated market. According to chief economic adviser of the Department of Economic Development in Dubai, Dr. Raed Safadi, by the time these new reforms are announced, the positive impact of the first round will have already been felt. He also reaffirmed that attracting investments ranks at the top of the government’s agenda.
In what has already proven to be a major development for VOD DIJS participants involved in wholesale jewellery trade at B2B level, the UAE Cabinet implemented a reverse charge mechanism on May 1, with immediate effect. This means that jewellery buyers and sellers will both book VAT as being collected and paid at the same time. These entries will cancel any liability to pay any VAT. The VAT will only be a book entry, and no payment or collection will be required. This reform is already proving to be a revitalizing force in Dubai’s jewellery industry, with renewed optimism across the board as the final quarter of 2018 approaches.
Additionally, as a demonstration of its commitment to boost the jewellery business, Dubai Municipality has confirmed it is working towards giving the Gold Souq in Deira, Dubai, a glittering facelift, following a meeting with traders and customers. The emirate’s oldest souq, which attracts a large number of locals and tourists, will be checked to ensure it meets the latest security standards, and, later, will undergo innovative upgrades while preserving its unique heritage. On top of reducing municipality fees, waiving penalties and fines, and introducing a payment scheme for licence renewal in instalments, the UAE Cabinet recently announced decisions allowing 100% ownership of UAE-based enterprises along with the introduction of 10-year residency visas for investors. The innovative reforms are opening the MENA jewellery market up to major investment opportunities.
Foreign consumers attending VOD DIJS are also set to benefit greatly following news that the UAE Cabinet has approved a VAT Refund Scheme for tourists that will go into full effect nationwide from the fourth quarter of this year. As long as goods and services are not exempt from VAT, non-residents will be able to acquire a VAT refund on the commodities purchased from participating retailers.
The VOD DIJS Roadshow continues to gain momentum
Representatives from the VOD DIJS team continue to visit key markets as part of the massively successful international roadshow, which recently stopped off at Lahore and Karachi in Pakistan. The exciting buying and exhibiting opportunities presented by the event continue to generate huge levels of interest among the 120 attendees of this leg of the roadshow. Valuable connections from Russia, Lebanon, Jordan, Egypt, Kuwait, KSA, and Azerbaijan have also been established, with even more countries still to come.
Gold investment on the up according to World Gold Council
The dates for VOD DIJS have been made all the more pertinent following the World Gold Council’s positive investment forecasts for gold in the coming months. Despite a perceived rocky start to the year, financially, investors are poised for three key macro trends predicted to determine gold’s improved performance in the latter half of 2018. These include positive but uneven global economic growth, trade wars and their impact on currency and rising inflation, and an inverted yield curve, which the World Gold Council is confident will lead to a significant increase in gold investment going into the second half of the year. Together with appealing entry levels for investors, the traditional upturn in gold buying and trading from September onwards will ensure that VOD DIJS remains at the top of the must-attend category for the global jewellery chain.
VOD DIJS is open from 2pm to 10pm on November 14, 15 and 17; and from 3pm to 10pm on Friday, November 16. Entry is free. Exhibitors intent on participating are advised to know more about how the event can be beneficial for them. For more details, please visit www.jewelleryshow.com.