DUBAI: Gold jewelry sales volume in Dubai rose 30 percent in July on relatively lower prices for the precious metal and expatriate demand, a senior gold industry executive in the Gulf Arab emirate said yesterday.
“It has been a quite good month for the market and volume alone rose by about 30 percent compared with July last year,” Tawhid Abdullah, managing-director of the Dubai Gold and Jewelry Group told Reuters.
A large chunk of Dubai’s expatriate community, mainly from the Indian subcontinent, spend part of their savings to buy jewelry and bullion gifts before they head home for summer holidays.
“Also if you look at this month, so far sales figures are high and I think by the end of this quarter we will see a 20 percent increase and the current prices are encouraging more buyers to get into the market,” he said.
