$140 million worth of gold sold in Dubai in 2 months

That’s Gold, Baby! According to Dubai Gold & Jewellery Group, 500 million UAD worth of gold were sold in Dubai during the Dubai Summer Surprises that lasted for 65 days, moreover, few lucky winners won a total value of 1.1 million UAD of gold, well, that is just too much.

I always thought that only Arabs are crazy about gold, but according to DGJG stats, 95% of all tourists buy gold, the Glittering Surprises campaign attracted buyers from various nationalities like USA, UK, Russia, Greece, New Zealand and many more.

Few facts about Gold in Dubai:
. More than two thirds of the population buys gold at least once a year
. 95% of all tourists buy gold
. On an average every person buys five pieces of gold jewellery every year
. Each piece is worth $400 on average, so the average yearly spend is $2,000
. 76% of all Dubai residents own gold
. 80% intend to buy gold in the next year
. 90% of the jewellery market is plain gold jewellery (as against 10% gemset)
. 90% of all jewellery in Dubai is imported from Saudi, India, Pakistan, Thailand, Italy, Malaysia, Singapore, Bahrain
. Dubai is the Middle East supply hub for the jewellery market.
. 95% of all jewellery sold is above 21 karat; the rest is 18 karat
. Dubai has over 600 shops, the densest concentration in the world
. Dubai’s Gold Souk has 275-plus shops in a half a square kilometre area.
. At any given time over 25 tonnes of gold is on display in jewellery shop windows
. Dubai made the world’s longest gold chain during DSF 99. The chain was made in 22k gold and measured 4.2kms. 9,600 people bought the chain in neckwear and bracelet size pieces.

This entry was posted on Sunday, August 24th, 2008 at 12:48 am and is filed under Arabia, Interesting, Marketing, UAE. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.