Middle East gold demand surges

Dubai has enjoyed a surge in gold sales during the first period of the Dubai Summer Surprises (DSS).

The DSS event was first launched in 1998 and is a major shopping attraction, greatly helping to boost gold sales in the emirate.

Figures from the Dubai Shopping Festival show that gold industry sales have reached more than $50 million since the beginning of the summer season.

"DSS has effectively contributed to increasing our retail sales," said Al-Futtaim Watches & Jewellery's Shazad Ajmal.

"Our Intimacy collection has enjoyed wide appreciation from our customers due to unmatched designs and premium quality."

Meanwhile, gold sales in nearby Abu Dhabi have also increased.

Figures from the emirate's Gold and Jewellery Group showed that sales of the yellow metal during July increased by ten per cent compared to the same period a year ago.

Also, for the rest of the year, gold sales are likely to increase, said the group's chairman Tushar Patni.

"August ... is always the slowest month of the year and September will be a very quiet period," he said. "But sales will pick up again in October, especially during the last ten days of the holy month of Ramadan."