Monday, 18th August 2008 (316 views)

Sales of gold in the United Arab Emirates have risen by 20 per cent over the last year, it has emerged.

According to figures from the Dubai division of the World Gold Council, sales of the precious metal reached 3.6 billion dirham (£525 million) in the second quarter of the year, compared to three billion dirham in 2007, the Budapest Business Journal reports.

General manager of Dubai Gold and Jewellery Group Swapna Nair was quoted as attributing the increase to the booming tourist industry as well as investment opportunities.

James Burton, chief executive officer of the World Gold Council, said the fact that so much money is being spent on gold "reinforces the positive attitude and buying intentions of consumers".

It "indicates that despite price increases, gold demand remains robust", he added.

Last week a study by Mintel revealed that demand for jewellery made from gold and other precious metals had risen in the UK, despite the credit crunch.

 

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