Tuesday, 24th May 2005 (3395 views)

Dubai's retail gold market is now worth Dhs 5.5 billion according to the Dubai Chamber of Commerce and Industry (DCCI).

According to the director general of the DCCI, the market is set to grow even further with more jewellery retail outlets and manufacturers continuously being set up.

In addition, gold consumption was up by nine per cent last year to 96 tonnes, according to the Gulf Today.

Dubai has now become the largest re-export centre in the Middle East and 45 per cent of gold imports to Dubai are re-exported to over 50 countries.

Figures also show that Dubai now trades in gold with 75 different countries, with exports reaching Dhs 9 billion in 2004.

 

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