Monday, 17th September 2007 (2119 views)

Gold sales value in Dubai could increase to 40 per cent in September compared to last year's figures, said the managing director of the Dubai Gold and Jewellery Group in a Qatar newspaper.

The Peninsula reported that Tawhid Abdullah, who is also the chairman of international jewellery retailer Damas, said that he expects that gold sales value will increase in the fourth quarter of 2007 as customers make more purchases during the Dubai Shopping Festival and the holy Islamic month of Ramadan.

"The market is not affected by the current prices of gold and we have a better economy in Dubai and strong consumer confidence," he said.

Gold sales in August were up 26 per cent this year compared to the same month in 2006.
In April, the Peninsula reported that Mr Abdullah said that he expected the value of gold sales to grow 15 to 20 per cent per year in Gulf Arab countries with the continued expansion of tourism and local economic growth.

 

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