WGC Confirms 17% Increase in UAE Gold Sales Value in 2008

Source:

". . .net retail investment witnessed strong growth of 38% in the last quarter of 2008 compared to the same period of the previous year."

The World Gold Council confirms that the market remains healthy compared to global markets. WGC's latest reports announced that the UAE gold jewelry sales increased by 17% in 2008 to cross AED13.7 billion compared to AED11.4 in 2007.

While jewelry accounts for 90% of total consumer demand, net retail investment witnessed strong growth of 38% in the last quarter of 2008 compared to the same period of the previous year.

It is normal to see a shift from the jewelry sector to the retail investment sector as it proves consumer's high affinity to gold and their recognition of its store of value. By end 2008 and Q1 of 2009, consumers' excess demand was towards coins and bars in addition to jewelry with relatively low production costs.

The World Gold Council obtains quarterly and annual worldwide figures from internationally accredited precious metals consultancy - Gold Fields Mineral Services (GFMS) and validates them with the trade across the country.

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