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Dubai gold sales fall 40 percent in July

Dubai gold sales fall 40 percent in July

The sales drop has been attributed to...

August 4, 2009 3:52 by

Gold jewellery sale in Dubai fell around 40 percent in July compared to the same period a year ago because of decreasing tourist numbers, reports Reuters. “There are no more tourists walking around the [gold] souk,” a salesman from ARY Jewellery told the agency.”The situation for us is really bad, our sales are down nearly 40 percent. The heat and the fact that tourists have no money to travel are affecting the business and there are no indications of an improvement.”

“I don’t see the situation improving much because the month of Ramadan is coming up soon and all people are thinking about is food, not gold,” said Muhan Al Awadi, a sales manager at Al Ansari Jewellery. He said that sales at his shop fell by up to 50 percent in July.

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