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Thursday, 2nd July 2009 (1005 views)

The suitability of gold as a gift has been cited as a reason for a rise in its popularity in the United Arab Emirates (UAE).

According to UAE paper the National, sales of the precious metal increased by more than 30 per cent last month.

Director of Ajanta Jewellers Tushar Patni told the news source that the growth may have been as high as 40 per cent when compared to May's figures and this is expected to increase in the coming weeks.

"Sales were good in June because of holiday buying," he said. "Expatriates, mainly Asians, take gold jewellery and gold bars as gifts back home every year in the summer."

It comes after investment banker Jens Willenbockel suggested that gold coins and bars could be ideal gifts for children.

He was commenting following the launch of the first of a line of vending machines stocking the precious metal in Germany last month.

 

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