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Dubai gold jewellery sales leap 25 per cent

posted on 03/05/2010: 2643 views



Sale of gold jewellery in Dubai increased 25 per cent in the first quarter of 2010 as compared to the same period the last year, the Vice- Chairman of Dubai Gold and Jewellery Group (DGJG) said here yesterday.

Chandu Siroya said the sale for all kinds of jewellery (gold, diamond and silver) increased 13 per cent year-on-year in the first quarter of 2010.

He said the jewellery sales have been boosted by shopping festivals in Dubai and the resumption of purchases by Asian customers. "Sale of gold in Dubai have improved. During the shopping festivals this year, the jewellers in Dubai who dealt in 22-carat gold reported a 20 to 30 per cent rise in sales," Siroya said at the Seventh Dubai City of Gold Conference.

"We have observed that it's the Asian customers who are buying now – more than the customers from the West," he said. The comment comes close on the heels of news that the largest dealer in gold in Dubai reported a 20 percent rise in demand as compared to the same period the last year.

Tarek El Mdaka, the MD of Dubai-based Kaloti Jewellery Group recently told Emirates Business that his company has witnessed a constant increase in demand for gold from jewellers, bullion banks and from dealers trading on commodity exchanges across the world. To meet the increase in demand for gold, the company is enhancing the refining capacity of its Sharjah based refinery from one tonne a day to 1.5 tonnes a day, said Tarek.

Dubai-based jewellers said the rise in demand comes from the Asian customers who have set aside the long-term view of buying when the price comes down.

"The fact is that gold has been strong for quite a long period of time now and retail buyers do not want to wait," said a jeweller.

The Dubai Multi Commodity Centre (DMCC) that tracks gold's trade in Dubai has not yet released any figures for the first quarter of 2010. According to the latest figure made available, the emirate saw gold trade worth US$29 billion (Dh106.5bn) in 2009.

The new figures provide a breathing space for the jewellery markets in Dubai that struggled to keep sales flowing in 2009. The demand for gold in the UAE, dropped 33 per cent in 2009 (yoy), World Gold Council (WGC) said recently.

While the demand for gold in the country stood at 109.5 tonnes in 2008, it dropped to 73.9 tonnes in 2009, WGC figures showed.

The drop in jewellery demand in the UAE stood at 32 per cent in the last quarter of 2009 as compared to the last quarter of 2008, according to the WGC. – Emirates Business 24|7

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