She confirmed that sales increased during the "Expo" by more than 20%.
Dubai Jewelery: “Eid holiday” raises gold sales by up to 15%
Between 20% and 40% of the world's gold deposits pass through Dubai each year.
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Tawhid Abdullah: "Gold represents 20% of the total non-oil exports of the UAE."
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The Chairman of the Board of Directors of the Dubai Gold and Jewelery Group, Tawhid Abdullah, stated that “sales of gold markets in Dubai, during the Eid holiday, witnessed an estimated growth of between 10 and 15%, with the length of the holiday period, which reflected positively on the markets, and the increase in the activity of tourists and visitors Those who spend the Eid holidays in the local markets.
He added that "Expo 2020 activities were positively reflected on the sales of goldsmiths during the exhibition period in the Dubai markets, which recorded a growth of more than 20% during that period, compared to the previous periods," noting that "the sales growth came with the increasing turnout of visitors. And tourists to buy gifts of goldsmiths during the exhibition, and in large proportions».
gold products
He pointed out, in press statements, that "the sales, exports and re-exports of gold products from the state, during the past year, amounted to 240 tons, including re-export products, while the percentages of the local industry of those exports amounted to 17%," pointing out that "Exports of gold products recorded a growth of 10% last year, supported by the return of links to flights with various countries of the world, and the growth in demand in global markets."
Abdullah explained that "the state's exports of gold products are expected to maintain similar growth levels this year to last year, according to preliminary indicators during the first quarter of 2022," noting that "the partnership agreement recently signed by the state with India, and a study of A similar agreement with other countries will support the growth of the country’s exports of gold products, and strengthen the country’s regional position in re-export and trade in gold products.”
demand growth
Abdullah said, "Gold prices globally are expected, according to the indicators of specialized technical reports, to range between 1850 and 1950 dollars per ounce, until the end of the first half of this year, while the pace of growth in demand for sales of gold crafts is expected to continue at stable rates similar to last year." ».
He pointed out that "between 20% and 40% of the gold stock in the world passes through Dubai every year, with the emirate's distinguished geographical location, and the availability of elements that made Dubai an important center for trade and re-export of gold products, especially with the availability of gold vaults and manufacturing facilities. Jewelery,” noting that “there are more than 800 merchants currently practicing their trade in the gold markets in Dubai, while there are between 40 and 50 tons of gold in the local markets, either in the front of retail stores or in wholesale stores.”
He added that "gold represents 20% of the total non-oil exports to the UAE, while the number of workers in the precious metals, diamonds and jewelry sector is estimated at nearly 65,000 people in the country," noting that "the UAE is considered a distinguished regional center in the supply of jewelry." .
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