UAE gold jewellery consumption climbs 8 per cent
United Arab Emirates: Sunday, February 17 - 2008 at 09:51
Gold jewellery consumption in the UAE rose eight per cent to 99.8 tonnes in 2007 from 92.4 tonnes the previous year despite the 15 per cent increase in gold price. Retail sales jumped 24 per cent to AED9.5bn from AED7.7bn for the same period, reported Khaleej Times. In terms of gold consumption covering jewellery and investment, the tonnage increased 10.4 per cent to 348.4 for last year from 315.6 in 2006, according to a statement released by the Dubai office of World Gold Council (WGC). It said that UAE gold jewellery consumption in the fourth-quarter dropped nine per cent to 19.3 tonnes from 21 tonnes a year ago due to high and volatile prices of gold. The drop in Saudi Arabia was 10 per cent to 22.4 tonnes from 24.6 tonnes while the other Gulf countries lost 11 per cent to 9.1 tonnes from 10.1 tonnes.
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Amena Bakr, Senior ReporterSunday, February 17 - 2008 at 09:51 UAE local time (GMT+4)
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