Interviews
UAE reports higher growth in retail gold sales
18 Feb '08
3 min read
Commenting on the results in the region, Mr. Moaz Barakat – Managing Director of the World Gold Council in the Middle East, Turkey and Pakistan said: 'Comparing the Middle East performance to the rest of the region, we are delighted to see that the high and volatile gold prices did not affect the gold market to the extreme as per the other regions. Despite the shortfall in tonnage in the recent months, the annual figure reflects a positive outlook.'
Barakat added, 'Gold's safe haven and hedging characteristics have been a major attraction to investors during this period of instability, greater inflationary fears and falling dollar.
We also believe that investor interest will remain very strong in the near future and that as the price stabilises, major gold jewellery buying consumers will adapt to a higher floor in the price.'
The effect of marketing and promotional gold jewellery campaigns are more important now than ever. The continuous efforts that the World Gold Council and its partners from the gold trade in several countries in the region have been apparent on maintaining a healthy gold market environment.
On an international level, there were very positive stories in three key gold markets. In China total consumer demand reached 326 tonnes, 26% above 2006 levels.
China has now overtaken the US as the second largest volume retail market for gold jewellery after India, with demand for jewellery reaching 302 tonnesand surpassing 300 tonnes for the first time since 1997. In Turkey, 2007 brought record overall demand for gold.
Jewellery demand was, at 188 tonnes, the second highest annual figure ever, up 14% on 2006. Net retail investment demand was up 2% on 2006 at 61 tonnes.
Strong growth continued in Russia with jewellery demand rising 11% to set a further annual record. Growth remained vibrant throughout the year with demand in Q4 nearly 25% higher than a year earlier – making Russia the fastest growing country for the quarter.
Barakat added, 'Gold's safe haven and hedging characteristics have been a major attraction to investors during this period of instability, greater inflationary fears and falling dollar.
We also believe that investor interest will remain very strong in the near future and that as the price stabilises, major gold jewellery buying consumers will adapt to a higher floor in the price.'
The effect of marketing and promotional gold jewellery campaigns are more important now than ever. The continuous efforts that the World Gold Council and its partners from the gold trade in several countries in the region have been apparent on maintaining a healthy gold market environment.
On an international level, there were very positive stories in three key gold markets. In China total consumer demand reached 326 tonnes, 26% above 2006 levels.
China has now overtaken the US as the second largest volume retail market for gold jewellery after India, with demand for jewellery reaching 302 tonnesand surpassing 300 tonnes for the first time since 1997. In Turkey, 2007 brought record overall demand for gold.
Jewellery demand was, at 188 tonnes, the second highest annual figure ever, up 14% on 2006. Net retail investment demand was up 2% on 2006 at 61 tonnes.
Strong growth continued in Russia with jewellery demand rising 11% to set a further annual record. Growth remained vibrant throughout the year with demand in Q4 nearly 25% higher than a year earlier – making Russia the fastest growing country for the quarter.
World Gold Council
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