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Dubai will finish this year with the same level of gold imports seen last year regardless of the high volatile prices, according to Moaz Barakat, Managing Director, World Gold Council in the Middle East, Turkey & Pakistan. Last year, gold imports in Dubai, which has the highest concentration of jewellery shops in the world, reached 559 tonnes on investors’ appetite for the metal. Gold trade through Dubai reached USD $ 7.0 billion in Q1-2008, up 71.5 % from the same period a year earlier. Dubai’s gold and jewellery sales is also expected to receive a boost due to the upcoming Dubai Summer Surprises (DSS) Festival from 19 June to 22 August 2008, ahead of the vacation season.
Meanwhile, Abu Dhabi gold sales volumes were steady in May but demand from expatriates buying summer gifts was expected to boost sales in the coming months, according to the Emirate’s Gold & Jewellery Group Chairman, Tushar Patni. The value of gold sales in Abu Dhabi during Q1-2008 rose 15.1 % to USD $ 862.0 million.