Dubai's Biggest Gold Dealer Sees 20% Sales Surge
Source: World Gold Council (4/29/10)
". . .increase could be attributed to steady rises in demand for bullion from jewelers and banks."
Speaking to Emirates Business, Kaloti Jewellery Group managing director Tarek El Mdaka said the increase in sales could be attributed to steady rises in demand for bullion from both jewelers and banks.
He added that the introduction of the Dubai Gold and Commodities Exchange was also been welcome and had helped the organization to boost its business.
The firm sells more than 400 tons of the precious metal every year.
"Dubai has followed the international trend in gold sales. Demand has increased in every segment," Mr. El Mdaka commented.
Next week will see the seventh annual Dubai City of Gold Conference take place in the emirate.
Speakers will include representatives of the London Bullion Market Association, Dubai Gold & Jewellery Group, Standard Bank and Deutsche Bank, among other organizations.