£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.
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