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THE ECONOMY - GOLD

Dubai's second quarter gold imports to surge on strong regional demand

Posted on 10/06/2007

Demand from Saudi Arabia and Egypt is expected to boost Dubai's gold imports in the second quarter, Dubai traders and industry officials said yesterday. Dubai is a centre for the import and re-export of gold, bringing in 489 tonnes of gold in 2006 and exporting 274 tonnes, according to the Dubai Multi Commodities Exchange (DMCC). "Dubai's gold imports in the second quarter will be higher than the first quarter of 2007 and higher than the first quarter of last year," said Moaz Barakat, ...  >>MORE

Gulf gold demand rises 6.1%

Posted on 27/05/2007

Total gold consumption in the six Gulf countries in the first quarter of 2007 stood at 66.2 tonnes, an increase of 6.1 per cent compared to 62.4 tonnes in the same quarter last year, says World Gold Council (WGC) official. Gold consumption in terms of tonnage in the UAE stood at 29.7 in the first quarter of 2007, an increase of 5.7 per cent compared to 28.1 in the first quarter of 2006. Consumption in Saudi Arabia stood at 26, an increase of seven per cent compared to 24.3 in 2006. Other ...  >>MORE

UAE gold sales increase by 23 per cent in Q1 2007 hitting Dh2.7b mark

Posted on 17/05/2007

The regional office of World Gold Council in Dubai has announced that despite the 17% hike in gold price, the first quarter of 2007 witnessed an increase in gold sales in the UAE as figures reached Dh2.7 billion contributing to a 23% rise from Dh2.2 billion in the same period of 2006. Gold consumption (jewellery and investment) in terms of tonnage in the UAE experienced a 6% increase in the first quarter of 2007 compared to the same period of 2006. Gold consumption in terms of tonnage in the ...  >>MORE

Dubai's gold trade surges 37pc to reach Dh54.2 billion in 2006

Posted on 23/04/2007

Gold trade through Dubai reached Dh54.2 billion (US$14.75) in 2006, gaining 37 per cent from the 2005 figure, making the city as the jewellery hub in the Middle East, a survey done by the Dubai Multi Commodities Centre (DMCC) said. "This shows that the jewellery industry is doing very well in the UAE with highest per capita consumption for gold at 30 grams," Abdullah bin Ahmed Al Saleh, Under Secretary of the Ministry of Economy, said in his keynote address before the '5th Dubai City of ...  >>MORE

UAE's gold jewellery demand likely to grow 20% this year

Posted on 10/04/2007

The UAE's gold jewellery demand is likely to grow 20 per cent this year as consumers are willing to pay higher prices, said Moaz Barakat, managing director of the World Gold Council yesterday. Speaking on the sidelines of a press conference to announce the fifth Dubai City of Gold Conference to be held on April 22-23, Barakat said in quantitative terms the gold jewellery demand this year is likely to be more or less at the same level as last year. However, he said, first quarter trends ...  >>MORE

Gold sales in Abu Dhabi rise 15%

Posted on 02/04/2007

Abu Dhabi's gold industry sales rose 15 per cent in March, boosted by lower prices and higher demand, the chairman of the Gold and Jewellery Group in the emirate said yesterday. "Prices were relatively low this month compared to the beginning of the year," Tushar Patni said. Even with the expectations that prices will rise, people are buying because they think current prices are cheaper than a couple of months from now," he added Gold sales in Dubai fell 40 per cent in February. But ...  >>MORE

Abu Dhabi's February gold sales down 40%

Posted on 04/03/2007

Abu Dhabi's gold industry sales fell 40 per cent year-on-year in February as high prices dampened demand, Tushar Patni, the chairman of the emirate's Gold and Jewellery Group, said yesterday. Gold sales in Abu Dhabi dropped 35 per cent in January. But sales of Dubai's gold industry sales rose 40 per cent in the same period, boosted by growing tourism and the Dubai Shopping Festival which began in December and ended on February 2. Spot gold hit its highest level in nine months on February ...  >>MORE

UAE gold sales up 53 per cent in Q4

Posted on 19/02/2007

The retail gold sales in UAE increased by 53 per cent during fourth quarter of 2006 as compared to the same period in 2005. According to World Gold Council's regional office in Dubai, sales figures in Gulf state increased from Dh1.1 billion to Dh1.7 billion in the fourth quarter of last year. However, the UAE gold consumption in terms of tonnage increased from 17.6 tonnes in Q4 of 2005 to 19.1 tonnes in the same period of 2006. This increase in gold sales and tonnage is due to the high ...  >>MORE

Abu Dhabi gold sales fall

Posted on 15/02/2007

Abu Dhabi's gold industry sales fell 35 per cent in January as high prices dampened demand for the glittering metal, the chairman of the Gold and Jewellery Group in the emirate said yesterday. "Abu Dhabi's gold sales dropped by as much as 35 percent in January and I expect the same trend to continue all through this month,” said Tushar Patni. "The reason behind the sharp drop is gold prices that jumped by 10 per cent during that period and also we did not have a shopping festival such as ...  >>MORE

Stable prices could help UAE gold sales hit Dh9b this year

Posted on 13/02/2007

The UAE's gold jewellery sale could cross more than Dh9 billion by the end of the year, according to an industry expert. An anticipated stable gold price this year compared to the wildly fluctuating prices of 2006 will boost confidence in the UAE market, which is considered the fifth biggest in the world, says Moaz Barakat, the World Gold Council's managing director for the Middle East, Turkey and Pakistan. The healthy start to the year is a far cry from the first six months of 2006 when ...  >>MORE

Gold trade through Dubai touches US$14.75b in 2006

Posted on 17/01/2007

Gold trade through Dubai reached US$14.75 billion in 2006, an increase of 37 per cent over 2005, according to the Dubai Multi Commodities Centre (DMCC), although the volume of bullion declined to 489 tonnes from 522 tonnes in 2005. In 2005, Dubai's gold trade was estimated at US$10.73 billion, up marginally from US$10.17 billion in 2004. "Several factors are expected to impact the prices of gold this year, including fluctuations in the US economy, the price of oil, and social and political ...  >>MORE

DSF gold and jewellery sales tipped to hit Dh920m

Posted on 14/01/2007

Dubai Gold and Jewellery Group (DGJG) expects gold and jewellery sales during DSF 2006-07 of Dh920 million - a 15 per cent increase to its initial estimate of Dh800 million. "Sales are exceeding our expectations during this DSF. Considering a year on year growth of 70 per cent reported by 350 participating member outlets, we expect to cross our initial projected target of Dh800 million sales by an additional 15 per cent by the end of the shopping festival," said Tawhid Abdullah, managing ...  >>MORE

Dubai gold sales rose 5% in 2006

Posted on 10/01/2007

Dubai's gold industry sales rose 40 per cent in December and 5 per cent in 2006, boosted by growing tourism and the Dubai Shopping Festival, the chairman of the Gold and Jewellery Group, Tawhid Abdullah, said on Tuesday. "Sales in the fourth quarter compensated the drop in the third quarter and were up 25 per cent compared with the same period last year," he said. "The tourism industry is going pretty well and the shopping festival, Ramadan and Diwali have helped us achieve sales records," ...  >>MORE

Emirates Gold included in DMCC approved list

Posted on 09/01/2007

Dubai Multi Commodities Centre (DMCC) yesterday announced that Emirates Gold, the only silver refinery in the UAE, has been awarded the Dubai Good Delivery (DGD) status, thereby enabling it to achieve international ranking. The inclusion of Emirates Gold into DMCC's approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost, as silver traders do not have to turn to international suppliers for their requirements. (Gulf News) ...  >>MORE

Retail gold sales during DSF to cross Dh800 million by 15% says DGJG

Posted on 07/01/2007

Dubai Gold & Jewellery Group (DGJG) expects an additional 15% increase to its initial estimate of Dh800 million in gold and jewellery sales during DSF 2006-07. Considering a year on year growth of 70% reported by 350 participating member outlets, we expect to cross our initial projected target of Dh800 million sales by an additional 15% by the end of the shopping festival. Customers are clearly motivated by our DSF offers giving them a chance to win 1 kilo gold daily and also the stock of ...  >>MORE

DGCX gold trade breaks record

Posted on 03/01/2007

The Dubai Gold and Commodities Exchange (DGCX) saw out 2006 on a memorable note, setting a new record for highest traded volumes per day. A total of 6,714 contracts valued at more than US$165 million (Dh606m) were traded on Friday, December 29, smashing the previous record of 6,062 contracts that was established on May 15, 2006. Gold continued its upward journey for the second consecutive week and scored further gains. For the year, gold prices recorded an impressive gain of nearly 23 per ...  >>MORE

UAE gold demand leads GCC

Posted on 20/12/2006

Gold demand in the UAE was unchanged in the third quarter of 2006 compared with the same period last year while demand in other GCC countries dropped, said World Gold Council (WGC) yesterday. Total demand for gold in the UAE stood at 22.9 tonnes in the third quarter, which is equivalent to the same period in 2005, the council's regional office in Dubai said in a statement. Despite this, Dubai's gold market is booming, with sales at this year's Dubai Shopping Festival expected to increase ...  >>MORE

Dubai's gold imports fall 9% as prices soar

Posted on 29/10/2006

Dubai's gold imports fell 9 per cent in the third quarter to 117.6 tonnes against the same period last year as gold prices soared, the Dubai Gold and Commodities Exchange said on Friday. Dubai is a leading centre for the import and re-export of gold, bringing in 521,765 kg of gold in 2005 and exporting 223,303 kg, the Dubai Metals and Commodities Centre (DMCC) said. "The reduction of imports is because of the higher prices of gold and what is happening is that Dubai is now a refining centre ...  >>MORE

Dubai keen to play major role in gold hedging

Posted on 17/10/2006

As the nerve centre of gold trade in the world, Dubai must have the functional ability to play a major role in hedging gold prices, said Arshad Khan, director, Dubai Gold and Commodities Exchange (DGCX). The DGCX is the world's newest online commodities derivatives exchange. Addressing a gathering of industry experts and representatives on "Trends in Trading in Gold Futures and its Implications on Gold Prices" at the Gold and Precious Metals Investment World 2006 conference held in Hong ...  >>MORE

Abu Dhabi's gold market beginning to shine again

Posted on 15/10/2006

Lower prices and festival sales have brought the sheen back to Abu Dhabi's lacklustre gold market, traders said yesterday. But they said sales will be flat after Eid and the Indian festival of Diwali this month. Indians, one of the largest gold consumers in the world, traditionally buy gold jewellery during festivals. "Retail sales have improved drastically because gold prices are currently low. It is also the season of festivals with Eid and Diwali being celebrated this time in the same ...  >>MORE

Dubai jewellery trade cited as model

Posted on 15/10/2006

The head of one of the world's leading gemmological institutes says the rapid transition of Dubai's jewellery retail trade into a highly self-regulated market should be replicated throughout the Middle East. Roland Lorie, CEO of Belgium-based International Gemmological Institute (IGI), says the emirate's traders have quickly developed a strong culture of certification, where the quality of diamonds, coloured stones and jewellery pieces is graded and displayed to consumers. The overall number ...  >>MORE

Dubai gold imports to rise in fourth quarter

Posted on 05/10/2006

Dubai's gold imports will jump in the fourth quarter of 2006 as gold bullion prices slip below US$600 an ounce and charts suggest a downward movement, a veteran gold trader said yesterday. Dubai is a leading centre for the import and re-export of gold, bringing in 521.7 tonnes of gold in 2005, according to the Dubai Metals and Commodities Centre (DMCC). "With gold dipping below US$600 an ounce and looking vulnerable to a bit of weakness we could see a very strong closing quarter in terms of ...  >>MORE

Ramadan likely to boost gold sales in Dubai by 20 per cent

Posted on 26/09/2006

Buying of gold and gold jewellery at retail points of sale in Dubai is expected to rise by 15 to 20 per cent during the holy month of Ramadan compared to last year's Ramadan, senior executives in the trade said yesterday. Last year, the gold retail industry in Dubai conducted business worth Dh250 million during Ramadan, according to KP Baiju, General Manager of the Dubai Gold and Jewellery Group (DGJG). One reason for the expected rise in sales this Ramadan is the fall in the price of ...  >>MORE

Dubai gold trade change strategy

Posted on 27/08/2006

A dangerous blend of high prices and rising mall rental rates is forcing Dubai's gold retailers to rethink their retail strategies. Last week's report from the World Gold Council revealed that UAE gold consumption dropped from 32.9 tonnes in the second quarter of 2005 to 25.9 tonnes in the same period this year a 21 per cent drop. The dip was linked to high gold prices, which hit more than US$720 per ounce in May. Slacking demand coupled with rental rates as high as Dh800 per square foot in ...  >>MORE

Dubai gold imports dip in Q2, exports up

Posted on 08/08/2006

Dubai's gold imports fell 21 per cent in the second quarter to 127,914kg (282,000 lb) against the same period last year, while exports rose 32 per cent to 75,372kg, the Gulf emirate's commodities centre said. Second quarter gold imports rose 11 per cent from the three months to March this year, while exports fell 13 per cent. The Dubai Multi Commodities Centre put the average price of gold in the first six months of this year at US$590.4 an ounce compared with US$445 for 2005. Sales for ...  >>MORE

Gold and silver futures trading up 24% in May

Posted on 06/06/2006

The number of gold and silver futures contracts traded on the Dubai Gold and Commodities Exchange rose 24 per cent in May over April as gold and silver prices climbed to 25-year highs. The value of gold futures traded on the exchange since inception exceeded US$3 billion, and the total number of contracts traded in one day reached a new high of 6,062 on May 15, the exchange said in a statement yesterday. A total of 79,660 contracts of gold and silver futures were traded during May compared ...  >>MORE

Value of UAE gold sales climbs in first quarter

Posted on 29/05/2006

Gold consumption in the UAE in value terms has risen by Dh200 million, or 10 per cent. It reached Dh2.1 billion during the first quarter of the current year, compared to Dh1.9 billion in the same period last year, according to the World Gold Council (WGC). Due to the rise in gold prices, gold consumption in the UAE in terms of tonnage declined by 17 per cent from 33 tonnes in the first quarter of 2005 to 28 tonnes during the corresponding period of 2006. A similar drop in tonnage was also ...  >>MORE

Dh6.82b in gold futures traded on DGCX this year

Posted on 07/05/2006

The Dubai Gold and Commodities Exchange (DGCX) reported trading of 100,000 kg of gold futures valued at Dh6.82 billion (US$1.86 billion) since January. DGCX also reported nearly 20 per cent growth in monthly transactions in April, averaging 2,128 kg of gold futures compared to 1,778 kg in March. Silver also posted impressive volumes in the past month. A volume of 24,015 contracts representing 720,450 kg of silver was recorded in its second month of trading, it said. "The Exchange continued ...  >>MORE

UAE has world's top gold buyers

Posted on 23/04/2006

Shoppers in the UAE spend on average 30 times more on gold than the rest of the world, according to a new survey. South Asians constitute 70 per cent of gold buyers, followed by East Asians with 22 per cent. Arab and European consumers make up four per cent each, according to the research conducted by Sarwat Abdul Razzak, director of Dubai's ARY gold and jewellery firm. The survey, which covered 3,200 people across the country, showed that on an average a person in the UAE bought 30 gm of ...  >>MORE

Annual gold consumption rises despite high prices

Posted on 28/02/2006

Annual gold consumption in the UAE, in terms of sales, registered a 21 per cent increase in 2005 compared to the previous year (from Dh5.1 billion in 2004 to Dh6.2bn last year), according to the World Gold Council regional office in Dubai. The increased consumption comes despite high gold prices witnessing an eight per cent increase. The figures place UAE as one of the top 10 gold consuming countries in the world. Although gold sales grew last year, there has been a "10 per cent” drop in ...  >>MORE

Dubai gold imports rose to 522 tons in 2005

Posted on 08/02/2006

Dubai imported 522 tons of gold in 2005, up from 502 tons in 2004, according to a recent statement from the Dubai Metals and Commodities Centre (DMCC). According to a recent report by (GFMS), an independent, London-based consultancy and research company focussed on international gold and silver markets, world gold supply averaged 3,997 tonnes in 2005, meaning that one in every eight tonnes of gold supplied in the world comes to Dubai. Local gold sales in Dubai have also increased to an ...  >>MORE

Gold futures glitter in January

Posted on 06/02/2006

Dubai Gold and Commodities Exchange (DGCX) conducted 6,475 trades in January – 17 per cent higher than December's trade, the exchange said in a statement. The value of trade in January stood at US$115.09 million (Dh 422.38m), compared to US$90.67m (Dh332m) in December – an increase of 27 per cent. Even though trading was conducted only on 18 days during January compared to 21 days in December, the exchange saw a higher number of gold futures contracts traded in January. The average number ...  >>MORE

Gold and jewellery market will be brighter this year

Posted on 27/01/2006

The UAE gold and jewellery market is expected to grow 25 per cent in sales this year even though the local price of the yellow metal is expected to hit Dh80 per gram, up from the current Dh60. Even though global prices are approaching US$600, industry experts told Gulf News that local and regional demand is expected to grow in the first quarter. At the same time, the global price is expected to touch US$650 in the first half of the year. "Buy gold and jewellery now. This is not a campaign ...  >>MORE

UAE gold sales register 25pc increase in 2005

Posted on 06/12/2005

UAE gold sales are set to record 25 per cent increase this year over 2004, according to the World Gold Council (WGC) regional office in Dubai. Moaz Barakat, WGC managing director for the Middle East, Turkey and Pakistan, told Khaleej Times yesterday that the country's gold consumption in terms of tonnage is also poised to increase by 15 per cent this year compared to 2004. Speaking on the sidelines of the Watch and Jewellery Dubai exhibition, which opened at the Airport Expo yesterday, he ...  >>MORE

Dubai Gold & Commodities Exchange sets up clearing corporation

Posted on 31/10/2005

Dubai Gold & Commodities Exchange (DGCX), the world's newest commodities exchange, which recently announced commencement of live trading from Nov. 22, will commence 'mock trading' from Oct. 31. The DGCX also confirmed that the Dubai Commodities Clearing Corporation (DCCC) has been incorporated. DCCC will perform the role of clearing house of DGCX and will handle clearing and settlement functions for all the trading related obligations, according to reports in the UAE's dailies. Mock ...  >>MORE

Dubai Gold and Commodities Exchange, DGCX expects gold contracts to soar

Posted on 19/10/2005

The Dubai Gold and Commodities Exchange (DGCX), poised for launch in November, is planning for a bright future straddling East and West. The exchange expects to be trading several thousand gold futures contracts a day by the end of next year, with four to six products on the market, according to chairman David Rutledge. The exchange, a joint venture of the Dubai Metals and Commodities Centre, Financial Technologies India Ltd and the Multi Commodity Exchange of India Ltd, will open with the ...  >>MORE

UAE gold sales rise 19 per cent in Q2

Posted on 20/09/2005

The World Gold Council regional office in Dubai announced that the retail gold sales increased by over 19 per cent from Dh 1.5 billion to Dh1.8 billion in the second quarter of 2005 compared to the same period of 2004. On the other hand, the UAE gold consumption in terms of tonnage experienced a 10 per cent increase in the same period. The gold jewellery consumption increased by over 9 per cent from 26.4 tonnes in 2004 to 28.9 tonnes in 2005, while retail investment (bullion coins and bars) ...  >>MORE

Trade in gold and diamonds hikes trade to high levels in 2004

Posted on 06/09/2005

Dubai's trade in 2004 crossed the Dh200 billion mark as it surged to a high total value of Dh216 billion, or 41% higher than the previous year's record of Dh153 billion, for an increase of Dh63 billion. A look at the product composition, however, showed that 40% of the increase was contributed by semi-precious and precious stones and metals, according to a new report in the Dubai Chamber of Commerce and Industry's, DCCI's, Economic Bulletin. Since 2000, import and re-export of semi-precious ...  >>MORE

Diamond and gold sales rise in UAE

Posted on 16/07/2005

The diamond and gold industry is expected to become one of Dubai's major growth industries. The development within the industry is attributed to the increased inflow of tourists to the emirate as well as the buying power of UAE residents, reported the Sharjah-based 'The Gulf Today' on Thursday. According to the World Gold Council, the rapidly developing tourism industry of Dubai is estimated to reach 12 million visitors by 2014. With approximately 90 per cent of the current 5 million ...  >>MORE

Nakheel awards Almas Tower construction contract to Taisei Corporation on behalf of DMCC

Posted on 16/07/2005

Dubai Metals and Commodities Centre (DMCC) and Nakheel who has been assigned project manager for Almas Tower, announced that they have recently awarded the construction contract of the tower to Taisei Corporation of Japan. The tower will be a landmark building, purpose-built to cater to the specific needs of the diamond industry and will house the Dubai Diamond Exchange, the only diamond exchange in the region. The 65-floor tower surrounded by lakes will also accommodate offices of leading ...  >>MORE

Dubai gold exchange invites memberships

Posted on 29/06/2005

The Dubai Gold and Commodities Exchange (DGCX), the first electronic multi-commodity derivatives exchange in the Middle East, announced yesterday that the exchange is open for memberships. The DGCX also announced that it would commence trading in November this year in precious metals contracts, and identified its initial clearing banks. DGCX will have two categories of memberships: broker members who will be able to trade on all market segments of DGCX such as precious metals, energy, ...  >>MORE

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Quick List

Dubai's second quarter gold imports to surge on strong regional demand


Gulf gold demand rises 6.1%


UAE gold sales increase by 23 per cent in Q1 2007 hitting Dh2.7b mark


Dubai's gold trade surges 37pc to reach Dh54.2 billion in 2006


UAE's gold jewellery demand likely to grow 20% this year


Gold sales in Abu Dhabi rise 15%


Abu Dhabi's February gold sales down 40%


UAE gold sales up 53 per cent in Q4


Abu Dhabi gold sales fall


Stable prices could help UAE gold sales hit Dh9b this year


Gold trade through Dubai touches US$14.75b in 2006


DSF gold and jewellery sales tipped to hit Dh920m


Dubai gold sales rose 5% in 2006


Emirates Gold included in DMCC approved list


Retail gold sales during DSF to cross Dh800 million by 15% says DGJG


DGCX gold trade breaks record


UAE gold demand leads GCC


Dubai's gold imports fall 9% as prices soar


Dubai keen to play major role in gold hedging


Abu Dhabi's gold market beginning to shine again


Dubai jewellery trade cited as model


Dubai gold imports to rise in fourth quarter


Ramadan likely to boost gold sales in Dubai by 20 per cent


Dubai gold trade change strategy


Dubai gold imports dip in Q2, exports up


Gold and silver futures trading up 24% in May


Value of UAE gold sales climbs in first quarter


Dh6.82b in gold futures traded on DGCX this year


UAE has world's top gold buyers


Annual gold consumption rises despite high prices


Dubai gold imports rose to 522 tons in 2005


Gold futures glitter in January


Gold and jewellery market will be brighter this year


UAE gold sales register 25pc increase in 2005


Dubai Gold & Commodities Exchange sets up clearing corporation


Dubai Gold and Commodities Exchange, DGCX expects gold contracts to soar


UAE gold sales rise 19 per cent in Q2


Trade in gold and diamonds hikes trade to high levels in 2004


Diamond and gold sales rise in UAE


Nakheel awards Almas Tower construction contract to Taisei Corporation on behalf of DMCC


Dubai gold exchange invites memberships