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Monday, 6th August 2007 (6444 views)

Gold imports to Dubai are predicted to increase during the second half of the year, it has been reported.

According to Trade Arabia, the head of the Dubai Gold and Commodities Exchange (DGCX) believes that despite an increase in the price of gold recently, consumers will become accustomed to the new price and continue to buy.

Furthermore, it reports that Dubai imported 489 tonnes of gold in 2006 and exported 274 tonnes, according to the Dubai Multi Commodities Exchange and is the Gulf's centre for the import and re-export of the precious yellow metal.

"The figures of imports have been strong this year," Trade Arabia quoted DGCX chairman Colin Griffith as saying.

"Dubai is clearly getting the lion's share of the gold business and there is a little bit of shift to this part of the world," he added.

According to Trade Arabia, Dubai has a well-established history of being a market for gold bullion and jewellery thanks to strong demand from the Arab world and India.

 

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