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Monday, 27th March 2006 (6354 views)

Retail space for Dubai's gold and jewellery shops is set to double by 2020, according to the chairman of the Dubai Gold and Jewellery Group (DGJG).

Tawhid Abdullah said that while retail space for the sector only accounted for five per cent of the emirate's total, it contributed nearly ten per cent of non-oil or energy related GDP.

Mr Abdullah also claimed that Dubai has the highest per capita consumption of gold, the highest sales of diamond jewellery, and is the world's fastest growing jewellery market.

"Retailers in Dubai will start introducing brand jewellery shops for each and every brand and will be looking for bigger space for those outlets, with average sizes of 80 to 100 square metres," he told the Khaleej Times.

Jeffrey Rhodes, the general manager of Standard Bank, supported this claim: "Dubai's gold imports were worth $10.5 billion last year and will double in five years," he said.

These issues will be discussed at the emirate's upcoming 'City of Gold' conference in April, where the industry will address various questions on how best to increase growth and innovation within the trade.

 

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