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Tuesday, 2nd June 2009 (3636 views)

Interest in gold is increasing as a result of the global economic downturn, a jeweller has noted.

According to Business Intelligence Middle East, United Arab Emirates-based retailer Damas is continuing with plans to expand into new markets.

Deputy managing director of the firm Mohd Tamjid Abdullah explained that problems in the economic and political arenas are prompting consumers to go "back to the core issues … back to the real things".

"People decide the best place for their investments and in the current crisis, the demand for gold is getting stronger," he was quoted as saying.

Mr Abdullah explained that the company is targeting its expansion efforts as a result, with Saudi Arabia, Qatar and Egypt among the places it is planning to open new stores.

Alan Demby, chairman of the South Africa Gold Coin Exchange, recently predicted that demand for gold will remain strong, after the company identified an all-time high in 2008.

 

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