Dubai’s Gold Imports Slump 15%
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08.03.10, 10:09
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World
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The total value of Dubai’s gold imports in 2009 dropped by 15% to $29 billion. The decrease was attributed to the global economic slowdown's impact on domestic jewellery demand.
According to the Khaleej Times, the 12 months ending on December 31, 2009 saw a total of 576 tons of gold imported into Dubai, compared to 674 tons in 2008. However, gold exports from Dubai recorded a 9% increase to 403 tons in 2009 from 371 tons in the previous year.
“Although imports in tonnage terms saw a 15% t decline compared to the record set in 2008, it was 16% higher than the average import of 498 tons since 2001,” a statement by the Dubai Multi Commodities Center Authority said.
Gold demand in the UAE was hit hard in 2009 as a result of a steep hike in bullion prices. Dubai’s gold jewellery traders said sales in terms of volume suffered a major setback in 2009 with a general average drop of 25-30% while diamond jewellery sector fared better with a slump of up to 15 per cent thanks to sustained demand from tourist buyers.
The DMCCA announcement comes in the wake of World Gold Council’s announcement that the demand for the yellow metal in the UAE slumped by 33% in 2009 year-on-year due to decline in tourists.
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