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Tuesday, 2nd September 2008 (2954 views)

Sales of gold jewellery in Abu Dhabi have experienced a rise of 300 per cent in a year, it has been reported.

Despite being steady in July as frequent buyers from India returned home for the summer, August saw demand increase for the precious metal in the emirate, according to Reuters.

Abu Dhabi gold and jewellery group chairman Tushar Patni told the agency that it was the best month in 30 years.

"Many people took advantage … to buy all the jewellery they wanted for Ramadan and Eid," he added.

The month of Ramadan, which coincides with September this year, is a factor because many people marry at the end of the religious festival, the news provider claimed.

Gold jewellery sales in India accounted for one ounce in every nine between 200 and 2007 and the country was the largest gold bullion consumer, claimed website iStockAnalyst.

 

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