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Valuable concise reference source on the UAE,
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Natural history of the UAE,
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THE ECONOMY - GOLD
![]() Dubai records US$29 billion gold trade in 2009
Posted on 08/03/2010
Dubai Multi Commodities Centre Authority (DMCCA) announced today that the total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008.
This data was compiled by the Data and Statistics Reporting division of Dubai Trade, an innovative, simple and secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre.
For the 12 months ending December 31, 2009, a total of
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 UAE gold demand drops 33% as tourists decline
Posted on 18/02/2010
Demand for gold in the UAE dropped 33 per cent in 2009 year-on-year due to decline in tourists, a senior World Gold Council (WGC) official said yesterday.
Demand for gold fell to 73.9 tonnes in 2009 from 109.5 tonnes in the previous year, WGC figures showed.
In terms of US dollars, the demand for gold in the UAE dropped from US$3.07 billion (Dh11.27bn) in 2008 to US$2.29bn this year.
Blaming the lack of tourists as the prime reason for the decline in demand for gold, WGC Managing
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 Dubai gold retail volumes slip
Posted on 03/02/2010
Gold retail volumes in Dubai fell in January as consumers remained sceptical about the yellow metal's fluctuating price level, retailers told Reuters on Monday.
Jewellery sales in Dubai have seen a run of declines since the end of 2008 due to the economic crisis coupled with record high gold prices.
"Now we are seeing the price settle down a bit, but our sales are still down because consumers believe that the price will fall even further in the coming months," said Raiju K.R, showroom
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 Festive buying boosts gold sales
Posted on 07/01/2010
Seasonal holiday buying helped lift retail gold sales in Abu Dhabi in December from November after high prices and the global economic slowdown hit sales for most of the year, traders said. But with international gold prices near record levels, traders yesterday predicted a bleak January.
"Unless the price comes down, there is nothing that will get people to buy gold," said Tushar Patni, Director of Ajanta Jewellers and former chairman of the Abu Dhabi gold and jewellery group. Tax-free
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 Nasdaq merger and demand to help DGS record further gains
Posted on 03/01/2010
Dubai Gold Securities (DGS) on Nasdaq Dubai are expected to witness further gains in 2010 on sustained buying demand following the merger of Nasdaq Dubai with Dubai Financial Market (DFM). The merger, to take effect in April 2010, is likely to boost trading volumes in DGS, said analysts.
Brokers on both the exchanges will be accorded the flexibility to trade in the securities.
Grant Collins, Senior Managing Director of Dubai Commodity Asset Management, told Emirates Business: "The proposed
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![]() Gold and crude oil futures at DGCX reached 53,618 and 14,400 contracts respectively
Posted on 09/10/2009
Volume on Dubai Gold '&' Commodities Exchange (DGCX) recorded a year-on-year growth of 6% in September to reach 96,292 contracts.
Valued at US $4.6 billion, the 6% growth in September was largely driven by currency and crude oil futures contracts.
WTI crude oil futures traded 14,400 contracts in September, an increase of 149% on last year. Trading in the GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures reached 12,698, 4,927 and 4,012 contracts respectively last month, gathering
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 Abu Dhabi retail gold sales hit 2009 low
Posted on 04/09/2009
Higher prices and low buyer turnout in August saw retail gold sales plummeting by 40 per cent in Abu Dhabi, the worst sales this year, retailers said Thursday.
Prices of the yellow metal have been boosted by institutional funds seeking a safe haven for their assets during the global economic crisis.
The average price of 22 carat gold in August was Dh107 a gram compared with Dh82 in August last year and Dh105 in July this year.
"The market was very bad last month, almost 40 per cent down. It
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 Demand for gold as investment buy drops 20 per cent in the UAE
Posted on 03/09/2009
The demand for gold for investment purposes dropped 20 per cent in the second quarter of 2009 as compared to the same period last year, said a senior World Gold Council (WGC) official yesterday.
In the same period the demand for gold for investment purposes dropped 18 per cent and 44 per cent respectively in Saudi Arabia and Egypt, Rozanna Wozniak, Investment Research Manager at the World Gold Council, said.
The drop in demand for investment across the Middle East was 31 per cent to 3.8
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 Retailers project silver will recover faster than gold
Posted on 28/08/2009
Silver retail sale volumes in Dubai have fallen around 20 per cent since January as the economic downturn deterred tourists, but a faster recovery is expected than for gold, whose price remains high, said retailers yesterday.
The precious metals retail sector took a hit this year as the economic crisis reduced consumers' disposable incomes and led to fewer visitors to the UAE.
"Silver sales have dropped by around 20 per cent since January and it's not because the price is high, it's because
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 Gold companies scramble to set up offices in Dubai
Posted on 10/08/2009
A total of 297 new companies, a majority of them gold and jewellery firms, have registered with Dubai Multi Commodities Centre (DMCC) and "several hundreds" have registered in Dubai in the past 18 months, said market insiders.
Some have also established their marketing headquarters in Dubai considering the emirate gives an opportunity to handle global operations while remaining equidistant from Europe, Asia and Africa.
The number of gold and jewellery companies registered with DMCC has now
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 Dubai gold trade increases 12% in first half 2009 to US$14.69 billion
Posted on 06/08/2009
Dubai Multi Commodities Centre (DMCC) announced yesterday that gold trade through Dubai reached US$14.69 billion in the first half of 2009, an increase of 12 per cent from US$13.07 billion during the same period in 2008.
In the first six months of 2009, a total of 300 tonnes of gold was imported into Dubai, an increase of 13 per cent compared to 265 tonnes in the same period of 2008. In the first half of 2009, gold exports from Dubai reached 213 tonnes, up 19 per cent from 179 tonnes in
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 'Cheaper' Dubai gold may gain extra shine in the Indian market
Posted on 19/07/2009
A slight price advantage for gold exported from Dubai could benefit dealers in the emirate, according to heads of precious metals departments at banks and brokerage houses.
Bullion bars exported from Dubai cost less than those from other parts of the world such as London and Switzerland.
India recently raised duties on gold imports and this had led to fears international gold exporters will face a slackening of demand from the world's largest consumer of the metal. "Dubai exports may well
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 Gold jewellery sales in Dubai down sharply
Posted on 09/07/2009
Gold jewellery sales in Dubai are down around 30 per cent in June on a year ago, as high prices of the metal and the global economic downturn deter tourists from visiting the emirate, five jewellery retailers told Reuters.
Almost eight million tourists visited the emirate, branded as the City of Gold, last year, many of them lured by the tax-free jewellery. But retailers Reuters spoke to say they have seen far fewer tourists this year.
"In June sales were down about 30 per cent from last
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 Abu Dhabi gold sales up 30 per cent in June
Posted on 05/07/2009
Retail gold sales in Abu Dhabi jumped over 30 per cent in June due to holiday buying which is expected to stay robust into the first-half of July, traders said on Thursday.
"Sales were good in June because of holiday buying. Expatriates, mainly Asians take gold jewellery and gold bars as gifts back home every year in the summer,” Tushar Patni, Director of Ajanta Jewellers said. "Retail sales were up at least 30 to 40 per cent in June compared to May,” he said, adding that strong sales are
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 Gold jewellery sales flat in capital, dip 40% in Dubai
Posted on 09/06/2009
Gold jewellery sales remained largely flat in May as stable prices attracted expatriates leaving on summer holidays, the chairman of the Abu Dhabi Gold Jewellery Group said yesterday.
In Dubai jewellery sales dropped by around 40 percent in May, hit by fewer tourists and tighter budgets, retailers said.
Earlier this year, many smaller retailers in Abu Dhabi were under threat of shutting down as the economic crisis and high prices cut consumers' appetite for the precious metal.
In April
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