The Dubai Gold and Jewellery Group stated that adding 14-karat gold to the price lists for gold items sold in shopping centers and gold markets across the emirate will help boost Dubai's exports of gold items and open new markets for the emirate. The group explained to 'Al Ittihad' that the inclusion of this new karat will not only offer more choices to consumers but also meet the needs of importers who previously sourced these gold items from external markets, enhancing Dubai's position as a regional and global hub for gold trading. The group predicts the new karat will contribute to increasing the emirate's exports by over 5% in the coming year, noting that demand for gold bullion in Dubai's markets has seen a record surge of around 50% since the beginning of this year. In detail, the Chairman of the Board of Directors of the Dubai Gold and Jewellery Group, Tuhayyil Abdullah, said, 'Including 14-karat gold in the price displays for gold items traded in shopping centers and gold markets across the emirate will be a supporting factor in raising Dubai's exports of gold items and opening new markets for them in world regions that prefer this type of gold.' He expects the new karat to help increase the emirate's exports by more than 5% in the coming year. He added: 'The benefits are not limited to consumers within the country by offering new options, but extend to include importers from various countries who previously relied on importing these items from external markets, which enhances Dubai's leading role as a regional and global center for gold trading, increasing the diversity of items traded in markets in a way that meets the different needs of importers and buyers.' Abdullah pointed out that 'demand for 14-karat gold is high among importers and buyers in Commonwealth of Nations countries and Eastern Europe, as well as in American and Asian markets, which supports increased sales for tourists coming to Dubai from those countries, and at the same time allows importers to access these items, supporting penetration and expansion into additional markets.' He confirmed that many stores have already started offering items of the new karat, and wider adoption is expected in the coming period, especially among companies targeting the needs of importers. Record growth Regarding the performance of local markets, Abdullah confirmed that Dubai's markets have witnessed a record growth in demand for gold bullion of various sizes since the beginning of this year, exceeding 50% compared to last year, attributing this to an increase in consumer awareness of the importance of investing in gold for savings purposes, in addition to the unprecedented rise in gold prices this year, which has boosted consumers' confidence in these products. Regarding sales of gold jewelry, Abdullah stated that it has grown by about 5% since the beginning of the year, considering this a good rate, noting that the large difference between the growth of bullion and jewelry sales is due to the impact of rising yellow metal prices. He added that the increase in the number of tourists this year has greatly contributed to the continued growth in demand for jewelry and bullion, as many visitors are keen to purchase gold jewelry as souvenirs before returning to their countries, given Dubai's strong reputation for the quality of gold and jewelry available in its markets. Abdullah confirmed that the group gives priority to supporting local gold manufacturing industries, especially in light of the remarkable growth in local markets' share of gold products manufactured in Dubai and the emirates.
