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| Arabia |
| Arabs rush for gold despite steep rise in prices |
| 2004-11-11 |
| Dubai's gold market continues to experience strong local demand for Diwali and Eid, despite the sombre mood prevailing in the country due to the passing away of Shaikh Zayed bin Sultan Al Nahyan and the steep increase in gold prices which touched a 16-year high of Dh49 per gram for 22 carat jewellery, recently. According to a study by the Dubai Chamber of Commerce and Industry, local gold demand in the UAE reached more than 90 tonnes last year and sales increased by 14 per cent or Dh4.9 billion, compared to 2002, putting the country among the world's top 10 gold consumers. Dubai imports gold from more than 60 countries and re-exports it to more than 50 destinations. The local gold industry covers a large segment of demand in the domestic market, with about 50 tonnes of gold consumed annually in manufacturing articles of gold, of which a small portion is exported. Gold trade circles expect that domestic production will grow due to the achievements of the Dubai Metals and Commodities Centre and the availability of skilled workers. |
| Posted by:Mark Espinola |