Precious wearables

Local watch and jewelry businesses have observed a notable demand in the sector. The demand is mainly for high end watches, precious stones and gold bullion. Customers are transforming their cash money, or money deposited in bank accounts, into valuables that can be easily stored and moved.

Jewelry in demand

Precious stones are in demand, according to , Operation Manager at Rossonero Jewelry and Watches, “GIA certified diamonds priced above $50,000 are the most in demand,” said Khoury. Jewelry businesses are performing well considering the current climate, according to , General, Sales Manager at Zoughaib and Sons. “Half of the customers are old clients,” said Aattouch. Many clients who have been delaying purchases of jewelry are now in the market for pieces. Many of these purchases take the form of designer, established brands that clients find appealing. However, according to Himo, “Jewelry items lose around 35 percent of their value.” This 35 percent represents the value of the design and the style, which are subject to changing fashion and trends. Other clients are purchasing jewelry of a certain value and paying less attention to the design. This is because the value of the raw materials, including the stone and the precious metal is more stable in the long run.