Dubai registers 15 percent increase in gold imports in Q1-2009

Dubai’s gold imports rose by 15 percent to 140 tonnes in Q1-2009 compared to Q1-2008 as investors, reeling under volatile global economic conditions, considered bullion as a safe haven investment. According to statistics released by the Dubai World Statistics Department, the Emirate exported 116 tonnes of gold during the Q1-2009 period. Although jewellery sales fell 40—60 percent in Q1-2009, the value of the gold trade in this period rose to USD $ 7.4 billion compared to USD $ 7.0 billion in the corresponding period last year.