Gulf states: Increased oil prices boost gold, diamond jewellery sales

Published October 19th, 2004 - 03:00 GMT

Retail gold sales in the Gulf region for the second quarter of this year increased by 22% from US$1.03 billion to US$1.253 billion compared to the same corresponding period of 2003, according to the regional office of the World Gold Council (WGC).

Meanwhile, organisers of the 17th MidEast Watch and Jewellery Show at Expo Centre Sharjah said a total of $ 27 million was reported as on-site sales on the conclusion of the event. More than 200 exhibitors from 20 countries participated in the event, according to a press release, quoted by WAM. A total of 28,000 people visited the event.

The show had a mixed display of loose pearls, diamonds, precious stones, gold jewellery, diamond and pearl sets, crystals, watches, timepieces, jewellery displays, and different kinds of tools used in the trade.

However, the event focused on the sales of fine diamond jewellery as lately, the demand of diamond jewellery in the UAE and other parts of Middle East had been experiencing an upward trend.

According to diamond industry analysts, diamond jewellery sales in the UAE and other parts of Middle East registered a 15% rise versus 2003 sales.

Gold consumption in the Gulf area also went up by 11% during the same period of this year. Benefiting from a 27% surge in the number of tourists in the UAE and high oil prices, all of the GCC states witnessed double digit increases in gold sales. (menareport.com)