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THE ECONOMY - GOLD

Dubai gold trade to get major boost

Posted on 27/05/2002

The newly formed Dubai Gold Management Committee (DGMC) is designing a complete operating model for gold trade at the recently launched Dubai Metals and Commodities Centre. The committee met recently to discuss its objectives and ongoing development of the centre which was announced by General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Defence Minister. The committee discussed the short and long term goals, objectives and future developments of the project, including all ...  >>MORE

Dubai metals mart in new gold refinery talks

Posted on 26/05/2002

The financial consultant of the Dubai World Centre for Minerals and Commodities, Hamad Kadhim, has announced that an Indian company is holding talks with the centre to set up a gold refinery with an annual capacity of 100 tonnes, to become the fourth refinery to join the centre. Khadhim announced earlier that the three gold refineries with a total production capacity of 500 tonnes a year would be set up at the centre which will become a free trade, precious minerals industry and commodities ...  >>MORE

Demand for gold falls 9pc in Mideast

Posted on 17/05/2002

Gold demand in the Middle East fell by 9 per cent to 129.9 tonnes during the first quarter of 2002, compared to 143 tonnes for the same period last year, according to the World Gold Council (WGC). Political turmoil and the prospect of escalating conflict in the Middle East affected gold demand in the region throughout the first quarter. "The sudden rise in gold prices and its volatile status, coupled with the U.S. economic situation in particular, and the world economy in general, together with ...  >>MORE

Jewellery, gold account for 25pc of Italy’s trade with UAE

Posted on 21/04/2002

Jewellery and gold items account for almost one quarter of Italy's trade with the UAE, making the country the second most important market for this sector, according to Dr Massimo Sessa, Italian Trade Commissioner. The value of UAE imports from Italy topped US$355 million in 2000 compared to US$195 million in 1995, according to the Italian Trade Commission figures. (The Khaleej Times) ...  >>MORE

Gold imports from Australia witness big jump

Posted on 26/03/2002

Needless to say that Australia has succeeded in building a reputation as the 'land of milk and lamb' for almost the last 20 years - at least as far as the Gulf is concerned. It has now brought up another 'natural' product - gold - to replace its traditional top exports. Surprisingly, in just two years, Australia has managed to boost its gold exports to the UAE by almost four-and-a-quarter times - by 421 per cent between 1999 and 2001. Diversifying its commercial activities in the UAE, ...  >>MORE

Dubai gold prices could rise further

Posted on 09/02/2002

Gold prices in Dubai have gone up by seven per cent during the last week following the trend in the international market, and industry officials predict that prices may go a little higher before settling down. They said, due to speculative investment, the price might go up to US$320 per ounce from the current level of US$305, before settling down at US$280. In the retail market, this translates into a rise of anywhere between Dh1-Dh2 per gram of jewellery. For a consumer or small time ...  >>MORE

66 Dubai jewellery shops found selling sub-standard gold

Posted on 24/01/2002

Sixty-six jewellery shops in Dubai broke the federal law on carat specifications and hallmarking of gold and jewellery during 2001, according to Mohammed Badri, Head of the Accreditation and Standardisation Section at Dubai Central Laboratory. Offenders face fines or imprisonment of between six months to one year. http://www.goldanddiamondpark.com ...  >>MORE

Dubai retail gold trade regains sheen

Posted on 04/01/2002

Dubai's gold imports are likely to touch 265 tonnes for full year 2001, almost the same as the previous year, according to a senior World Gold Council (WGC) official. Dubai's retail gold trade has also regained its sheen after the temporary downturn it witnessed post-September 11 according to traders, who are now awaiting the next buying spree during the forthcoming Dubai Shopping Festival. Business at Dubai's gold souks picked up very well on account of festival buying although tourist ...  >>MORE

Sharp fall in gold sales, steep price rise forecast

Posted on 26/09/2001

Sale of gold at the retail outlets in the capital was reported sluggish, attributed to the general situation worldwide, in the aftermath of the attacks in the US. Retailers said that the price of the yellow metal climbed to 32.75 per gramme, up from the Dh30 to Dh30.5 per gramme that prevailed before the September 11 attacks. Sales have dipped almost by 50 per cent and we do not expect any upturn for some time. The projections are that the price may further go up to the region of Dh37 per ...  >>MORE

Dubai prices shoot up 3 per cent

Posted on 18/09/2001

Gold prices in Dubai went up on Monday reacting to the 3 per cent rise in the price of the yellow metal on the London mart. "There was a little bit of volatility as expected and gold ruled higher than on Sunday," market sources said. Gold 22 carat was at Dh33 compared to Sunday's Dh32.50 and 24 carat at Dh35.25 compared to Dh34.75 earlier. Traders said consumers seem to be weighing the option of buying the metal in the wake of the sudden rise in prices. The metal reached $292.50/293.50 a troy ...  >>MORE

UAE gold sales climb 13%; global H1 demand steady

Posted on 14/08/2001

UAE gold sales climb 13%; global H1 demand steady Gold sales in the UAE climbed by 13 per cent to 27.5 tonnes during the second quarter of the year, compensating for a slowdown reported from the Bahrain and Qatar markets. According to first-quarter results released by the World Gold Council (WGC) on Monday, Oman and Qatar posted a 5 and 11 per cent increase in gold sales from January to July. Sales in Saudi Arabia went up 9 per cent. Barring Saudi Arabia and Bahrain, the other four Gulf ...  >>MORE

Sharjah gold and diamond park likely by 2002

Posted on 14/07/2001

A gold and diamond park offering jewellery manufactures 100 per cent ownership is expected to come up in Sharjah by January 2002. The multi-billion project planned by the Sharjah Economic Development Department and the Sharjah Airport International Free Zone (Saif) will be built on the model of the Dubai Gold and Diamond Park commissioned earlier this year. The Sharjah Gold and Diamond Park will come up within the Saif Zone premises. An area of more than 600,000 square metres inside the ...  >>MORE

Phase I of Gold and Diamond Park opens today

Posted on 29/05/2001

The Dh30 million phase one of EMAAR Properties' Gold and Diamond Park is expected to be opened today by General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister. All of the 118 manufacturing and 30 retail units of phase one have been leased. The overall project is expected to cost Dh140 million and is scheduled for completion over three years. Under the umbrella of Jebel Ali Free Zone, the park offers 100 per cent ownership, tax exemptions and labour and ...  >>MORE

Dubai gold prices touch year’s high

Posted on 20/05/2001

Gold touched its year's peak in Dubai yesterday when the price per gram, and that of 22-carat gold hit Dh32.25 per gram, and that of 24-carat Dh34.25 per gram. In fact, gold (22-carat) gained Dh1.50 in just one day, with the price jumping from Dh30.75 on Friday to Dh32.25 yesterday, when the market opened for trading. This year, 22-carat gold has bee hovering around Dh30, although the yellow metal witnessed prices as low as Dh29 on February 16 and 21 this year. While prices have remained ...  >>MORE

Dubai gold demand forecast to rise 50pc

Posted on 16/05/2001

By 2005, the demand for gold in Dubai is expected to increase 50 per cent over its current level according to Moaz Barakat, Mideast Regional Director of World Global Council, during the opening of the International Jewellery Dubai 2001. Barakat said the emirate is rated second in the world for its gold trade. The new Gold and Diamond Park is only helping to improve Dubai's reputation as a gold centre, he said. Last year, Dubai imported 270 tonnes of gold and re-exported 201 tonnes, the ...  >>MORE

Gold Park opening set for May 15

Posted on 27/03/2001

Leading property development company EMAAR on Sunday said the official opening of its Gold and Diamond Park in Dubai will coincide with International Jewellery Dubai (IJD) slated to be held between May 15-19 at the Dubai World Trade Centre (DWTC). Representatives from the Park will also take part in the exhibition to share information about the new facility and future plans with exhibitors, traders, craftsmen and visitors attending the show, a statement from EMAAR said, according to reports ...  >>MORE

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