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Tuesday, 4th November 2008 (2300 views)

Gold retailers in Dubai are predicting that sales will remain strong, fuelled by global economic uncertainty.

Many sellers have reported strong sales growth in recent months, particularly during the region's traditional wedding season, Ramadan and the Hindu festivals of Dhanteras and Diwali.

Swapna Nair, the general manager of the Dubai Gold and Jewellery Group, told Abu Dhabi's the National: "What we ended up seeing here in Dubai was a sort of gold rush with some of the retailers reporting 300 and 400 per cent increases in sales in just the past few weeks."

Experts are now forecasting that official third quarter sales figures for 2008 will remain buoyant with slowing prices fuelling growth.

The Dubai Mall has opened this week with almost 600 retailers and a gold souk.

Hailed as the world's largest-ever mall opening in retail history, the new mall is expected to attract millions of shoppers each year to its stores, including 220 gold and jewellery outlets.

 

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