An expected 5% increase in gold jewelry exports after the inclusion of “14 karat”

The Dubai Gold and Jewelery Group said that including 14-carat gold in the price lists of gold jewelry traded in shopping centers and gold markets in the emirate will contribute to increasing Dubai’s exports of gold jewelry and open new markets for the emirate.

The group explained to Emirates Today that the inclusion of this new caliber will not only provide more options for consumers, but will also meet the needs of importers who previously obtained this type of gold jewelry from foreign markets, which strengthens Dubai’s position as a regional and global center for gold trade.

The group expected that the new caliber would contribute to increasing the emirate’s exports by more than 5% during the next year, noting that the demand for gold bullion in Dubai markets witnessed record growth, reaching about 50% since the beginning of this year.

Supportive factor

In detail, the Chairman of the Board of Directors of the Dubai Gold and Jewelery Group, Tawhid Abdullah, said, “Including 14 carat in the lists of price screens for gold jewelry karats traded in shopping centers and gold markets in the emirate will be a supportive factor in increasing Dubai’s exports of gold jewelry, and opening new markets for them in regions of the world that prefer this type of jewelry.” He expects that the new caliber will contribute to increasing the emirate’s exports by more than 5% during the next year.

He added: “The benefits are not limited only to consumers within the country’s markets, by providing new options, but also extend to importers from various countries, who relied on importing these artifacts from foreign markets, which strengthens Dubai’s pioneering role as a regional and global center for gold trade, while increasing the diversity of artifacts traded in the markets, in a way that meets the different needs of importers and dealers.”

Abdullah pointed out that “the demand for 14-karat carat is high among importers and dealers in Eastern European and Commonwealth countries, in addition to the American and Asian markets, which supports an increase in sales to tourists coming from those countries to Dubai, and at the same time allows importers of these jewelry, and supports access and expansion to additional markets.”

He confirmed that many stores have already begun offering the new caliber jewelry, while it is expected to witness a wider spread during the coming period, especially among companies aiming to meet the needs of importers.

Record growth

Regarding the performance of local markets, Abdullah confirmed that Dubai markets have witnessed, since the beginning of this year, a record growth in demand for gold bullion of various sizes, exceeding 50% compared to last year, attributing this to increased consumer awareness of the importance of investing in gold for savings purposes, in addition to an unprecedented rise in prices during the current year, which raised consumer confidence in these products.

Regarding gold jewelry sales, Abdullah said that they recorded an estimated growth of about 5% since the beginning of the year, which is a good rate, considering that the large difference between the growth in sales of bullion and jewelry is due to the impact of the high prices of the yellow metal.

He added that the increase in the number of tourists this year has contributed significantly to the continued growth of demand for jewelry and bullion, as many visitors are keen to acquire gold jewelry as souvenirs before returning to their countries, given Dubai’s strong reputation for the quality of gold and jewelry available in its markets.

Abdullah stressed that the group gives priority to supporting local industries of gold jewelry, especially in light of the remarkable growth witnessed by the local markets in the shares of gold products manufactured in Dubai and the Emirates of the country.

. Demand for 14-karat carat is high among importers and dealers in Commonwealth countries, Eastern Europe, and the American and Asian markets.