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Overall, gold consumption in sales terms in the GCC increased 19 % in 2007 over 2006, according the latest statistics released by the Middle East offices of the World Gold Council (WGC). Saudi Arabia and Egypt reported impressive 33 % and 29 % sales growth respectively during 2007 over corresponding 2006 figures. Likewise, retail gold sales in the UAE increased 24 % in value terms to USD $ 2.6 billion in 2007 (up from USD $ 2.1 billion in 2006) as jewellery consumption increased by 8 % over 2006 to 99.8 tonnes (up from 92.4 tonnes in 2006), despite the 15 % increase in gold prices.
Gold demand in Saudi Arabia was 120.2 tonnes in 2007, up from 104.3 tonnes in 2006, while sales value surged 33.3 % to USD $ 3.2 billion. While demand fell 8.9 % to 22.4 tonnes in Q4-2007 from the same period a year earlier due to price volatility, it rose 4.9 % in value terms to USD $ 599 million.
The following statistics demonstrate the comparative consumption and sales value for the UAE, Saudi Arabia and other GCC countries in 2007 over 2006.
Consumption:
Tonnes Total 2006 Total 2007 YOY Change
UAE 92.4 99.8 8 %
Saudi Arabia 104.3 120.2 15%
Other GCC States 39.5 40.78 3%
Sales Value:
Sales Value ($) Total 2006 Total 2007 YOY Change
UAE 2.1 billion 2.6 billion 24%
Saudi Arabia 2.4 billion 3.2 billion 33%
Other GCC States 916 million 1.1 billion 19%