BEIRUT, (Xinhua) — Lebanon’s economic and financial crisis have gravely impacted the fashion, jewelry and art industry in the country, said exhibitors at Luxuria, a Beirut luxury fair. “We saw a drop of 50 percent, if not more, on our products in the local market since the beginning of the crisis in 2019,” said Eman Tawil, owner of Diamantia, a fine jewelry store. To bridge the sales gap, Tawil had to extend her business to other regional countries like Egypt, and more established markets like Canada and Gulf countries through her online website.
The fair runs from Friday to Monday at Phoenicia, a five-star hotel in Beirut, showcasing the finest collections of jewelry, art, and fashion with the participation of over 40 exhibitors. “We chose to kick off our fair during Eid al-Fitr, when Lebanon attracts high numbers of foreign visitors, which may help the recovery of the luxury market,” Houssam Mokahal, manager at M&O, the organizer of Luxuria, told Xinhua. “This exhibition is a great occasion for our business to attract clients amid the current crisis,” said Lucie Dekermendjian Helou, owner of Lucie By Luka Jewelry. “We are seeing only some demand on low-budget items nowadays,” she said, adding that only a handful of foreign customers could purchase items priced at over 2,000 U.S. dollars. Helou said she opened a workshop six months ago despite the crisis, in the belief that the market would recover as many Lebanese affected by the financial crisis tend to hold hard currencies or invest in jewelry rather than leaving cash in their current accounts.