Feb 10 2009 |
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Dubai gold trade soars 53%
Tuesday, Feb 10, 2009
Gulf News
Dubai: The value of gold trade (bullion and jewellery) through Dubai jumped 53 per cent, despite the current global economic downturn, hitting a record Dh106.43 billion ($29 billion) in 2008, compared to Dh70 billion ($19 billion) in 2007, Dubai Multi Commodities Centre (DMCC), said in its latest report.
"This upward movement clearly shows Dubai's resilience and adaptability to global trends," Dr David Rutledge, chief executive of DMCC, said in a statement.
For the 12 months ending December 31, 2008, a total of 674 tonnes of gold was imported into Dubai, up 21 per cent compared to 559 tonnes in 2007. During the same period, gold exports from Dubai reached 371 tonnes, an increase of 29 per cent compared to 287 tonnes in the previous year, DMCC said.
Dr David Rutledge, chief executive of DMCC, said: "Gold prices surged to an all-time record high during the first quarter of 2008 leading to a significant inflow of gold scrap into Dubai for refining. The subsequent slowdown in prices during the last quarter of the year led to a major increase in bullion imports into Dubai, showing that the emirate has become a market for all seasons."
He added that "individuals, regional governments and investment funds have historically demonstrated a strong appetite for gold as a safe haven during periods of instability. We anticipate that imports into Dubai, destined for refining and re-export, will continue to perform solidly in 2009, while export levels will also be healthy, driven by investment-led demand in major consuming markets such as India."
Gold retailers predict a drop in sale later this year.
"We have seen a slight lower sale since December. However, the rest of the year was much better - almost 50 per cent growth," Joy Alukkas, chairman of Joy Alukkas Group which runs a chain of retail outlets, told Gulf News.
"For 2009, we anticipate a 20-25 per cent drop due to the current scenario. However sales are also driven by demand in India, which could balance up." He said bullion rate is expected to remain within $850-$900 bracket.
© Gulf News 2009. All rights reserved.
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