Monday, 22nd March 2004 (4630 views)

UAE gold consumption is expected to rise by ten per cent during 2004, according to the World Gold Council (WDC).

Gold consumption in UAE dropped to 90.3 tonnes last year from 93.1 tonnes in 2002.

Moaz Barakat, managing director, Middle East, Turkey and Pakistan, WGC, predicted that gold imports into Dubai, which have been showing a steady decline in the recent years, would also increase by ten per cent this year.

Mr Barakat attributed the steady decline in gold imports to a constant increase in international gold prices since the fall of the US dollar and to Dubai's weak gold re-export market during the past three years, the Khaleej Times reports.

He said that the recent decision to renew the 1999 Central Bank Gold Agreement (CBGA) and limit the collective gold sales to 500,000 tonnes a year, would keep international gold prices more or less stable.

Mr Barakat was speaking after the official launch of 'Gold Expressions: the language of Italian Design' and 'Uno Trend: Damas Youth Collection' in at the BurJuman Centre Dubai on Saturday.

Gold Expressions is a commercially inspired product developed and sponsored by WGC and Vicenza Fair in partnership with Damas Jewellery.

The collection aims to reinvigorate demand for Italian gold jewellery and features over 400 pieces from 54 Italian companies.

 

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