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Gold Jewellery Accounts for 90pc
of Consumer Demand in the UAE

“Gold is the metal with the broadest investment options now. The surge in gold demand and increase in sales figures point to this fact,” said Mohammed Al Midfa, Director-General of Expo Centre Sharjah, and Chairman of the Sharjah Chamber of Commerce and Industry, at the opening of the Middle East Jewellery and Watches Show here on Tuesday.

The 26^th Middle East Watch and Jewellery Show has registered a nearly 13 per cent rise in the number of exhibitors, with 450 master jewellers and craftsmen taking part in the show.

The event displays loose pearls, diamonds, precious stones, gold and diamond jewellery, diamond and pearl sets, crystals, watches, jewellery displays, and different kinds of tools used in the trade at 16,000 square metres of exhibition space.

“Jewellery accounts for 90 per cent of total consumer demand and net retail investment witnessed strong growth of 38 per cent in the last quarter of 2008 compared to the same period of the previous year,” Al Midfa said. UAE’s gold jewellery sales increased by 17 per cent in 2008 to cross Dh13.7 billion, compared to Dh11.4 billion in the previous year. Overall, investment demand grew 27 per cent in the UAE last year, according to the World Jewellery Council.

aneela@khaleejtimes.com