UAE boosts high gold jewellery demand

The high gold jewellery consumption in the UAE made an economic contribution of over $2 billion to the local economy last year, one of the highest in the world. New data released by the World Gold Council (WGC) indicated that the economic impact of gold jewellery consumption in the country was estimated to be in the region of $2.5 billion, the fifth highest in the world after China, India, United States and Russia. The UAE is one of the top 13 gold consuming countries, with its gold jewellery consumption amounting to 50 tonnes, the sixth highest globally as of 2012.