Monday, 31st January 2005 (5638 views)

Gold consumption in Dubai has increased by 25 per cent, according to latest figures from the World Gold Council (WGC).

Last year annual gold consumption, in terms of sales, were up from Dh4.4 billion in 2003 to Dh5.3 billion, according to the Khaleej Times.

In addition, with regards to tonnage, consumption grew from 88 tonnes to 96 tonnes in 2004, making the UAE one of the top ten gold consuming countries in the world now.

Figures show that the increase in prices do not appear to have put off jewellery buyers and that the area is now the second top import destination for Italian and Turkish gold jewellery.

Gold consumption increased in other areas of the Gulf as well, said to be due to an increase of tourists during the holiday seasons and the gold souk.

In addition, the introduction of gold shopping festivals and improved industry images provided by the Dubai Metals and Commodities Centre (DMCC), have also helped boost the industry.

 

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