AED 16 billion in sales of gold jewelry in the UAE in 2015

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AED 16 billion in sales of gold jewelry in the UAE in 2015

According to “Gold and Jewellery Group” in Dubai, that the gold and jewelery sales in the UAE market, amounted to 16 billion dirhams, over the past year, compared to the previous year 2014 registered a growth of almost 5%.

The group explained that the total decline recorded by the yellow metal prices worldwide proportions, and reached nearly 38% over the past four years.

And predicted “Gold and Jewellery Group,” that gold jewelry sales are recorded in the country’s growth rates of between 2 and 3%, during the current year.

he emphasized that the import of gold the size of the UAE, an estimated 240 tons last year, while the volume of domestic consumption of between 85 and 90 tons, while the rest was re-exported quantities of different markets.

For his part, Chairman of the Group in Dubai, Tawhid Abdullah: “The growth recorded by sales ratios, over the past year, due to large declines recorded by the price of gold, which is unprecedented rates of nearly four years ago,” pointing out that gold prices It stood at the end of January (January) last globally around $ 1125 per ounce, compared to the price of $ 1,800 per ounce in the same period of 2012, which means recording ratios decline of around 38%, during the four years.

It is noteworthy that, the world production of gold the size of an annual 3,350 tons, and is consumed about 425 tonnes in the technical field industries, while the consumption of what ranges between 2,000 and 2,500 tonnes in the jewelery and bullion coins sector, and go the remaining quantities of the uses of central banks.

He pointed out that «difficult standards mode or uniform pricing for (Workmanship fees), which may complain differentiated some traders in the market, so the big difference in (workmanship) goldsmiths and systems manufactured according to manufacturing companies», pointing out that «the disparity in prices has limits must traders have to pay attention. » He said that «the appropriate limits for the prices (Workmanship) in jewelery ranged between 5 and 25% up to a maximum of the total price of goldsmiths, and exceeded those limits For the consumer search for the causes of these increases and wonder about.»

He added that «varying rates (workmanship) gold left to competition between the assignee and the freedom of dealers in negotiating prices and the trade-off between the assignee prices, which would be in their interest not to exaggerate the price (Workmanship)», denying that «there is any suspicion in the agreements between the traders to develop uniform prices, with the fact that markets are subject to the foundations of free competition among traders ». He said that «investment in the gold sector in Dubai, according to the indicators the market last saw stable demand for it, according to the shops operating in the markets», noting that «the number of members of the group of gold trading companies of 850 members, firmly in the number of organic compared to last year».

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