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The UAE witnessed phenomenal sales of gold and jewellery during the fourth week of October as eager shoppers, spurred by the significant drop (almost 20.0 %) in gold prices (USD $ 22.6 per gram for 22 carat gold; USD $ 24.0 per gram for 24 carat on Thursday, 23 October 2008), made a beeline to retail outlets across the UAE to snap up whatever was available ahead of the Deepavali (Festival of Lights) celebrations across the Indian subcontinent and the Middle East.
Sales increased dramatically and sales in Abu Dhabi alone increased 400.0 % on one day, Thursday 23 October 2008, according to Tushar Patni, Chairman of the Gold & Jewellery Group in the Emirate. According to Patni the sale amounts to between 30 to 50 kilograms of gold per shift.