Dubai Gold Jewelry Demand Higher After Slow Star to Year
Bloomberg - Feb 08, 2015
Gold-jewelry demand in Dubai is picking up after a slow start to the year when buyers were held back due to high prices, according to Tawhid Abdullah, chairman of the Dubai Gold & Jewellery Group, a retailer in the gold souk.
Industry sales are probably 8 percent higher so far this year compared with the same period in 2014, Abdullah said in an interview at a commodities conference in Dubai on Sunday. In January, when gold jumped to a five-month high, demand was probably 2 to 3 percent higher over a year earlier, he said.
January is when gold jewelers in Dubai anticipate higher demand from the monthlong Shopping Festival. The industry was looking for sales to jump 10 percent, Abdullah said. Demand has been rebounding as prices fell from the January high, he said.
