Monday, 14th April 2008 (970 views)

Gold sales in Dubai saw a 30 per cent rise between 2006 and 2007, despite record-high market prices for the precious metal, the Dubai City of Gold conference has reportedly heard.

Speakers at the two-day event said gold's enduring attractiveness as an investment 'safe haven' had helped to drive demand, while the region's spending power had also helped to keep the market buoyant, Emirates Business 24/7 reports.

Addressing the conference, United Arab Emirates minister of economy Sultan bin Saeed al Mansouri, said "renewed interest" in jewellery including pieces incorporating diamonds had boosted sales of gold too.

"The domestic consumption of gold remains high and the region caters to a constantly demanding and vast international market," he noted.

Furthermore, population growth in the world's top gold markets - the Arab world and India - would see demand for "every type of jewellery" continue to rise, he added.

In 2007, gold and jewellery sales accounted for ten per cent of Dubai's gross domestic product, with 559 tonnes of the precious metal imported into the country and a total of 287 tonnes re-exported.

Dubai is one of seven Gulf states that make up the United Arab Emirates.

 

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