Dubai gold traders shocked

Dubai: Gold traders yesterday said they were shocked at the daring armed robbery at Wafi shopping mall on Sunday night but insisted the City of Gold remained a haven for doing high-value trade.

The traders said they were not unduly worried about security and hoped police would soon catch those behind the heist.

"This is the first time I have heard something like this. But we are not taking any extra security measures because of the incident," said Karim Merchant, managing director of Pure Gold.

Scene from movie

He said his stores in the UAE will continue to operate under the existing security measures mandated by Dubai's security authorities.

"It is like a scene from a Hollywood movie. An armed robbery of such a nature in the UAE is unheard of," said Joy Alukkas, managing director of Joy Alukkas jewellery group.

Alukkas said he may consider hiring private security guards for his stores to make sure they are safe.

Sarwat A. Razzak, a director at ARY gold group, was also shocked at the way the heist appeared to have been carried out.

"We only hear of petty thefts in the market but this looks like a well-planned crime. In our business, we always highlight the fact that Dubai is a safe haven," she said.

The traders felt the existing security systems like cameras and alarms were not enough to thwart an unusual incident that involved use of weapons.