Despite the decline in demand for gold jewelry in the UAE during the first quarter of 2015, but this decrease it was not severe compared with that experienced the rest of the Gulf Cooperation Council (GCC) as a result of strong purchases by the Indian community on the eve of “Akshaya Tritiya” Festival.
UAE decreased by 8% during the first quarter of this year, while Kuwait saw a decrease of 15% and 31% in Egypt and 13% in Iran, according to data from the World Gold Council.
The data also showed that the United Kingdom of Saudi bucked this trend, which saw an increase in sales of 5%.
And the statement of the World Gold Council said in its quarterly report that the demand in Dubai was more flexible in comparison with the region with a slight decline did not exceed 8%, and contributed Iqbal Indian community to buy gold to avoid a significant reduction in the proportion of demand.
Akshaya Tritiya festival day on April 21 days for meat in Indian culture, offering a lot of people to start their new projects on this day. In addition to this festival, held many other festivals in India are providing the basic gold as a gift.
And contribute to tourism in the UAE increased demand for consumer goods, including gold significantly, with Emirates turned into a tourist attraction from all over the world