The largest gold & jewelry exhibition in the Middle East was recently opened in the Emirate of Dubai, with more than 260 exhibitors from 25 countries attending. Leading international gold and jewelry manufacturers participated in the exhibition in an effort to appeal to the wealthy residents of the Arabian Gulf region.
Demand for gold in Dubai is expected to see a 50 percent increase by the year 2005. The emirate already holds second place in gold trade on the international market. Last year, 270 tons of gold were imported into the country, 210 of which were then re-exported to foreign markets. A ten percent increase in gold imports was cited during the first quarter of this year, compared to the corresponding period the previous year.
A new Gold and Diamond park, yet to open, will be part of the jewelry show. The park is expected to further boost Dubai’s standing in the gold market by producing approximately 60 tons of jewelry annually. — (MENA Report)
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