£500,000 watches up for grabs at Gulf Luxury Fair

First published: 31-07-2009

Diamond-encrusted iPhones and £500,000 watches have been made available to big spenders from the Middle East in a recent event held at London's Intercontinental Hotel.

In the first gathering of its kind in the UK, the Gulf Luxury Fair aims to bring in funds from the oil and cash-rich Arab states now that the pound is much weaker on the international scale, perhaps enticing a greater number of buyers looking to take advantage of better exchange rates.

The diamond-studded gold watches, with their jewellery counterparts, may end up bringing in around £250 million, it is expected - an increase of 11 per cent on the previous year's takings.

A notably popular Girard Perregaux watch - the Jackpot - is valued at £455,000 while the diamond iPhone - one of only two in existence - cost its recipient £89,000.

Countries such as the UAE, Egypt and Saudi Arabia continue to remain strong in the face of the global recession, owing mainly to the natural resources that such well-developed nations are lucky to have for trade.