dubai gold

http://www.ipsnews.net a mine of world news from which I gleaned the follwoing informationA survey conducted by Sarwat Abdul Razzak, director of Dubai's ARY gold and jewellery firm, reveals that shoppers in the UAE spend, 30 times more on gold than in the rest of the world. South Asians constitute 70 percent of buyers, followed by East Asians with 22 percent. Arab and European consumers make up four percent each. The survey, covered 3,200 people across the country. An average person in the UAE buys 30 grams of gold annually compared to the global average of less than one gram. About 350 outlets in the Gold Souq display about 20 tonnes of jewellery at any given time. Some five million Indians work in the Middle East countries and each time they fly home they are certain to carry along some gold, either as family investment or as jewellery that will contribute to a dowry. With increasing affluence and lowering of customs duties, Indians have been flying to Dubai in increasing numbers just to buy gold jewellery in a market where caratage is assured.Shopkeepers say that there has been a 30 percent drop in sales ever since prices skyrocketed recently -- reaching nearly 80 dirhams (around 22 US dollars) per gram about two months ago. prices (per gram) have dropped to around 65 dirhams (about 18 dollars) now Gold and silver jewellery is the third biggest contributor to the economy of the United Arab Emirates (UAE), after construction and petroleum.According to the Gold Fields Mines Survey (GFMS), the British industry watchdog, consumption of gold continues to rise in both global and regional markets despite high prices. Dubai imported 525 tonnes of bullion worth 10.5 billion dollars last year, which is projected to double in five years.