DUBAI, UAE – 18 August 2019: Ithra Dubai wholly owned by Investment Corporation of Dubai (ICD) and the developer of leading real estate projects including the extension of Dubai’s Gold Souk in Deira, Dubai’s historic heart of commerce , is proud to have participated in the 15th Retail Jeweller India Awards as the event’s Gold Souk Partner.
Held in Mumbai, India, on 10 August, the awards recognised the highest achievements in India’s jewellery industry across 20 jewellery categories and 4 marketing categories. A large number of Dubai merchants also showcased their designs at the exhibition and participated in the ceremony.
Lachlan Gyde, Executive Director – Retail, Residential and Commercial at Ithra Dubai, said the company’s involvement in the awards symbolises Dubai’s commitment to promoting the global and equitable trade of gold.
He said: “We were excited to participate in the Retail Jeweller India Awards for the first time. Our ambition is to reinforce the status of Dubai as the capital of precious metals and highlight the Gold Souk's presence as the world's largest and most famous gold and gemstone market.”
He added: “Dubai’s Gold Souk is an important and unique shopping experience for both traders and consumers from all corners of the world, especially the Gulf, Middle East, Europe, and Russia."
Mr Gyde said that Ithra Dubai was also there to promote trade between the two countries. While the United Arab Emirates and India have traded mainly in oil and gas in the past, today the two countries trade in a broad range of goods and services, including gold, gemstones, copper and logistics, along with other services.
Trade between the United Arab Emirates and India has risen substantially over the past four decades, from US$180 million in the 1970s to approximately US$57 billion today. This is expected to US$100 billion by 2020, making India the UAE's largest trading partner.
Ithra Dubai is the master developer responsible for the Deira Enrichment Project, a project that aims to enhance Dubai’s historic commercial hub. The extension of Dubai’s famed Gold Souk is an essential part of the first phase of the Deira Enrichment Project. Development work at the Souk is expected to gradually reach completion in the final quarter of 2019 and the first quarter of 2020.
As Gold Souk sponsor of the event, Ithra Dubai was able to highlight the latest developments in Dubai's Gold Souk from the expansion and planning stage, as well as to set the standards for international gold trade.
Ithra Dubai’s vision is for a transparent relationship and a unified mechanism for traders and retailers in the Gold Souk. Whether they are seeking to import gold or attain gold certification, the company believes that continuous communication between local authorities and influential traders will lead to an understanding of traders’ aspirations and expectations for this expansion.
More than 100 of the top jewellery retail houses in India attended the Retail Jeweller India Awards. The event’s jury included celebrated personalities from the arts and fashion industry and Bollywood.
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NOTES FOR EDITORS:
Ithra Dubai LLC, wholly owned by Investment Corporation of Dubai (ICD), develops and manages a large portfolio of pioneering real estate projects in Dubai and in key international markets.
Its rich portfolio of projects is designed to embrace diversity, shape happy communities, and bring prosperity to many. Ithra Dubai aims at delivering mixed-used developments on an ambitious scale, which incorporate world-class retail, commercial, residential, and leisure concepts.
Amongst its showcase developments is One Za'abeel, the iconic addition to Dubai’s skyline that evokes duality through the distinctive design of its two towers. The world's longest cantilever traverses across one wholesome and remarkable experience.
Aiming at adding dynamicity to an already bustling community, and at the heart of Deira, Dubai’s historic hub, stands another landmark project by Ithra Dubai. The Deira Enrichment Project will enhance the flow of people and goods in Dubai's original heart of commerce.
Deira Enrichment Project and Dubai Gold Souk
Deira is the vibrant cornerstone of Dubai’s trading legacy. A place rich in culture and overflowing with history, the expansion of Deira towards the waterfront is a tribute to the tradition of trade in the country.
From the waterfront apartments overlooking The Creek, to an extension of the Deira Souk, the development will create a bustling hub of life that will add to the already rich tapestry woven by communities past and present. It will become a place in which people realize their potential and find the true meaning of home.
Covering 684,790 ft2, the new Gold Souk Extension will host approximately 176 retail units and 225 offices, in addition to 289 residences. It is expected to be completed in the first quarter of 2020.
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About Retail Jeweler India Awards
The Retail Jeweller India Awards were established in 2005. The mission for the awards is to take the US $52 billion retail jewellery industry forward by creating a platform for recognising the industry’s best work in the fields of design, retail, and marketing. The RJIA ceremony is the oldest in the Indian Jewelry industry. Also known as India’s Oscars for the Retail Jewelry industry and the only business awards specifically for retail jeweler in the country of 3 lakh retail jewelers.
With a jury of great repute and HANSAA as the process auditor, the awards are the country’s premier and most authoritative national competition. It is an initiative of the Retail Jeweler Magazine, which is specialized bi-monthly business magazine read by top jewelry retailers across 415 cities of India.