Why UAE residents buy more gold than other GCC residents?

Jewellery demand in UAE dropped in Q1 2015 but not as steep compared to other Middle Eastern countries due to strong buying by Indian expatriates on the eve of ‘Akshaya Tritaya’ festival. Demand for jewellery fell eight per cent in the UAE as compared to 15 per cent drop in Kuwait, 31 per cent in Egypt and 13 per cent in Iran; Saudi Arabia bucked the trend, shining with five per cent increase in jewellery sales according to World Gold Council data for the first quarter of 2015.