UAE gold sales up 25% from 2004

UAE gold sales are expected to record 25 percent increase in 2005 from the previous year, according to the World Gold Council (WGC) regional office in Dubai, while gold consumption in the UAE in terms of tonnage is expected to increase by 15 percent over the same period.

“With today’s gold price of $508 per ounce, the year 2005 is the best year for the gold industry in the world both in terms of consumption and sales, not only in this region, but all over the world,” said Moaz Barakat, WGC managing director for the Middle East, Turkey and Pakistan, according to <i>Khaleej Times</i>.

In addition, a trading boom in diamond sales in the UAE is also underway, reported the Diamond Trading Company (DTC). The UAE, in fact, is at the forefront of this upward trend in diamond sales behind Saudi Arabia, traditionally topping diamond sales rates in the region.
 
The diamond market was “excellent with third quarter sales in the region of 15 per cent - the highest growth since the company started working in the Gulf” said Jonathan Chippindale, marketing director of DTC Gulf market.

He added that cities around the Gulf were showing impressive levels of retail growth, adding that at the halfway point this year, Riyadh was up 17 per cent, Damman - 19 per cent, while in Dubai, retailers are reporting sales above 20 percent.

“Dubai is rapidly emerging as a major international diamond trading centre. Since we set up offices here in 2000, we knew that the strategic location and network offered by Dubai would be instrumental in achieving solid growth in the region and the 14 per cent increase in diamond sales in the Gulf last year is clear proof of this,” he added.