Gold jewelry sales volume in Dubai rose by around 30% during the 27th edition of Dubai Shopping Festival, according to the Chairman of Dubai Gold and Jewelry Group (DGJG) Tawhid Abdullah.
The Chairman of DGJG said that there is a surge in jewelry demand during the Dubai Shopping Festival, noting that the Indian, Arab and Russian subcontinent spends part of their savings to buy jewelry during this crucial time.
"We have witnessed an increase in demand for gold jewelry at the beginning of 2022."
Abdallah indicated, "While the demand for gold has a role to play in its price, there are several other significant factors that have a bearing on it as well."
Many Foreign consumers and festival visitors review gold as both an investment and an adornment. He added that the majority of participants cited the safety of investment as a factor, noting that the tourism recovery alongside the high vaccination rates in many countries was a rationale behind their purchase of gold.
"Actually, it has been a quite good time for the gold market and volume alone inched up by about 30 percent compared with January last year," he revealed.
In the same connection, he pointed out that the gold markets in the UAE are currently attracting new customers and gold dealers from different nationalities.
Contributed by Ahmed Emam
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