Taking a bold step in the current market slowdown, Jewellers Dhamani launched the largest collection of certified solitaire diamonds in Dubai. Present at the occasion were Ahmad Bin Sulayem, Executive Chairman of the DMCC; Laila Suhail, Chief Executive Officer of the Dubai Shopping Festival Office, and Amit Dhamani, CEO and Managing Director of Dhamani.

The new collection offers purchase options for a wide budget range. "If your budget is $500 (Dh1,835) or $5 million, you are welcome (here)," said Dhamani at the launch. The jeweller has collaborated with International Diamond Laboratories, a subsidiary of the Dubai Multi Commodities Centre (DMCC), in providing independent and accurate certification of each product sold.

"In the current economic situation, people are more conscious of what they are paying for and a certificate assures them of the value of their diamond," said Peter Meeus, CEO of International Diamond Laboratories and executive director for diamonds at the DMCC.

Dubai is a key global centre for distribution and sales in the total world market for jewellery, but is also facing the challenge to attract customers to shop despite the slowdown. "The Middle East and in particular the Gulf is currently one of the only markets which is still moving. In Japan and America there is a drop in sales and in Europe in general there is a downfall. Saudi Arabia is a very good market, it's more than 65 per cent of the whole GCC market and it's still moving, purchasing power is still ok there," said Meeus. He added "If you look at it from a global perspective, the Middle East market (for precious stones) is probably at this very moment the best market in the world." It is difficult to completely ignore the economic situation however. "We will have less diamonds coming into the pipeline in 2009.”