Thursday, 12th February 2004 (4996 views)

Gold consumption in the United Arab Emirates has rocketed according to new figures, with rising demand in the jewellery sector largely responsible.

Figures from GulfNews showed that the country had enjoyed a 14 per cent period of growth, as value rose from Dh4.3 billion to Dh4.9 billion by the end of 2003.

Indeed, statistics supplied by the World Gold Council suggested that UAE was now one of the top ten gold consumers in the world, using over 90 tonnes in the year.

The jewellery sector has been particularly active, with Dubai now the second biggest importer of Italian and Turkish jewellery after the US.

'Despite the increase in gold prices during 2003 by around 20 per cent compared with 2002, consumers in the UAE have spent more on gold jewellery compared with the previous year, demonstrating the consumers' affinity for gold and gold jewellery,” commented Moaz Barakat, World Gold Council managing director for the Middle East, Turkey and Pakistan.

'Purchases made by tourists visiting the UAE also contributed to the growth,' he added.

A hive of promotional activity has helped to increase sales in the region, with a series of festivals and work done by the Dubai Gold and Jewllery Group driving up revenues.

Dubai is also set to become the site for a major new gold jewellery showroom, housing the Middle East's biggest wholesale collection in a move that is expected to further boost sales.

 

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