More than Dh1 billion worth of gold and jewellery sales were recorded during the Dubai Shopping Festival 2006-2007, making this edition of the annual event the best on record, the World Gold Council (WGC) said yesterday. Initial estimates had indicated that sales of the yellow metal would be worth around Dh800 million, but shoppers surprised the WGC by spending 25 per cent more than that during the festival.
Softer international gold prices coupled with promotions worth millions of dirhams contributed to the higher-than-expected sales, WGC said in a press release. Special offers included winnings of 45-kg of gold, or 1kg daily, for the 45 days of the mega shopping festival.
Customers displayed a preference for customised and branded jewellery during the festival, WGC said. Contemporary designs and combinations of gold with natural stones witnessed maximum demand, it added.
"Dubai has earned the title of 'City of Gold', and the World Gold Council with its partners is leaving no stone unturned to develop the gold industry in the UAE," said WGC Managing Director Moaz Barakat. "Our aim is to make gold even more popular in the region.
"The Dubai Shopping Festival is a good time for people to buy gold, so we did not want to miss out on this opportunity. And the results are there for all to see," Barakat added.
By Emirates Today Staff
© Emirates Today 2007
