Dubai's Biggest Gold Dealer Sees 20% Sales Surge

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". . .increase could be attributed to steady rises in demand for bullion from jewelers and banks."

The biggest gold dealer in Dubai has seen sales surge by 20% in the first three months of the year.

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.

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