Dubai gold demand expected to rise 50pc by 2005
Wednesday, May 16, 2001
Sheikh Ahmed tours the exhibition hall after inagurating the International Jewellery Dubai 2001 at the Dubai World Centre. ©Gulf News
By 2005 the demand for gold in Dubai is expected to increase 50 per cent over its current level, Moaz Barakat, Mideast regional director for the World Gold Council, said yesterday. At the opening of International Jewellery Dubai 2001 - which was inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates airline - Barakat said the emirate is rated second in the world for its gold trade.
The new Gold and Diamond Park is only helping to improve Dubai's reputation as a gold centre, he added. Last year Dubai imported 270 tonnes of gold and re-exported 210 tonnes, the remaining 60 tonnes being used locally. Gold imports in the first quarter increased 10 per cent over the same period last year.
Surrounded by diamonds, pearls and other sparkling gems at the show, Barakat emphasised the importance of the gold and jewellery trade to Dubai's tourism industry. The relaxing of visit visas to people from more than 30 countries will only help increase the demand for gold in Dubai, he said.
He added that Dubai's new Gold and Diamond Park plans to manufacture 60 tonnes of jewellery a year. The first phase of the park was recently completed and with 6,000 square metres it houses 30 retail outlets and 118 manufacturing units. The project includes three phases with a total 48,000 square metres of space.
Work on the second phase will start when the first is officially opened, and the whole park will be complete in two years. General Manager Khaled Hetata said the Gold and Diamond Park is participating in the show to attract local and international manufacturers for the second phase.
The show, which has 220 exhibitors from 26 countries, has the strongest Belgian contingent in its seven-year history. Entry today will be restricted to trade professionals, but the public is welcome from tomorrow to Saturday, 4pm to 10pm.
© Gulf News 2001 |
