Tourists account for 52 pc of sales in Dubai: Survey

Mumbai, July 26 (UNI) A new survey has revealed that tourists account for more than half of the gold and jewellery sales in Dubai.

The survey was conducted by A C Nielsen and commissioned jointly by the Dubai Gold and Jewellery Group, Dubai Multi Commodities Centre (DMCC) and World Gold Council (WGC).

According to survey, the tourists make up 52 per cent of sales, nine points ahead of Dubai residents who account for 43 per cent. Gold jewellery sales account for 45 per cent of annual retail turnover, while diamond jewellery 35 per cent, a DTCM release said here today.

Twenty-two karat (22k) gold is the largest selling variant, capturing 44 per cent of the market. It was followed by 18 karat (42 per cent), 21 karat (10 per cent) and 24 karat (4 per cent).

Dubai Shopping Festival (DSF), Dubai Summer Surprises (DSS) and Dubai the City That Care initiatives, retailers said, accounted for nearly two-thirds of annual sales.

Non-branded jewellery emerged a clear winner over its branded rivals, with the former accounting for 84 per cent of all sales.

Locally manufactured jewellery trails behind its imported counterparts, accounting for 42 per cent of sales.

Dubai has over 600 shops, the densest concentration in the world.

Dubai's Gold Souq has 275-plus shops in a half a square kilometer area. At any given time over 25 tonnes of gold is on display in jewellery shop windows.

Dubai imported 522 tons of gold in 2005, up from 502 tons in 2004.

DMCC said one in every eight tonne of gold supplied in the world comes to Dubai.

Dubai's top eight trading partners for gold remain India, Switzerland, United Kingdom, Malaysia, Saudi Arabia, United States, Singapore and South Africa.

Dubai's gold and jewellery retail space currently accounts for only five per cent of the total retail space in the emirate. By 2010, it will increase to seven per cent and 10 per cent by 2020, the release added.

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