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Gold sales in UAE up 23pc in Q1
DUBAI — Despite a 17-per cent hike in gold price, gold sales in the UAE reached Dh2.7 billion from January to March, a 23 per cent increase from the Dh2.2-billion sales recorded in the same period last year.
In a statement, the regional office of World Gold Council in Dubai said gold consumption-jewellery and investment-in the UAE gained six per cent to 28.1 tonnes during the first-quarter of 2007 from 29.7 tonnes for the same period last year.
The recent Dubai Shopping Festival was the main factor in the surge of gold purchases, witnessing record sales by participating jewellers that jumped 25 per cent compared to the sales in the festival in 2005.
The statement said, however, that the improved performance from year-to-year during the same period last year was scaled down.
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