UAE gold trade falls 70%
United Arab Emirates: Tuesday, March 04 - 2008 at 11:26
As gold prices have soared, most jewellery outlets in the UAE have been hit by a a 55 to 70% sales drop during the past six months compared to the corresponding period almost a year ago, reported Khaleej Times. Since August 2007, while gold prices have rallied 50%, retail outlets in Dubai, Abu Dhabi and Sharjah faced an unprecedented sales slump. However, a leading retailer pointed out that while there has been up to a 70% plunge volume sales, in value terms the drop is just 40%.
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Jeff Florian, Senior ReporterTuesday, March 04 - 2008 at 11:26 UAE local time (GMT+4)
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