Sharjah: Gold sales in the UAE are on an upward trend, thanks to the volatility of the US dollar and the stable prices of the precious metal.
The MidEast Watch and Jewellery Show is set to ride on these positive sentiments when the region's longest running jewellery show gets under way at Expo Centre Sharjah from March 30.
According to recent figures, gold exports from Dubai reached 403 tonnes in 2009, an increase of 9 per cent compared to 371 tonnes in 2008. Jewellery sales in the region equalled 51 tonnes, with Saudi Arabia and the UAE experiencing the highest sales. While the kingdom's consumption hit 17.1 tonnes, the UAE sold 16 tonnes in the fourth quarter alone.
Pavilions
Sales in 2009 were weighed down by high price volatility and record high prices of gold.
In 2010, the price of the precious metal has stabilised in the region of $1,100 (Dh4,037) per ounce. This coupled with the instability of the US dollar has given a shot in the arm to gold sales in the region.
The 28th edition of the MidEast Watch and Jewellery Show is set to host more than 450 master jewellers from all over the world on nearly 16,000 square metres of floor space.
Running from March 30 to April 3, the key attractions of the show will be six national pavilions which will display trendy as well as traditional creations.
The show will witness an imposing presence of pavilions from Hong Kong — China, India, Italy, Malaysia, Thailand and Singapore.
