News
Call to unify commodity value chain
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The Dubai Gold and Jewellery Group has called for an integrated industry value chain to overcome challenges including competition from other luxury sectors, rising prices and changing consumer behaviour.
Final preparations are on for the sixth Dubai City of Gold Conference, an initiative of the Dubai Gold and Jewellery Group, that will bring together more than 20 international speakers and 500 delegates from the jewellery sector to Dubai.
Organised in association with the Dubai Multi Commodities Centre, the conference will take place from April 12 at the Park Hyatt hotel.
“The jewellery market is witnessing rapid changes across the world, and it is imperative that we as an industry join hands to share outlooks and possible strategies,” said Tawfique Abdullah, Chairman of the Dubai Gold and Jewellery Group.
“This is why a forum such as the Dubai City of Gold is so important,” he added. The global jewellery industry is valued at $146 billion (Dh535bn) of which the GCC represents 10 per cent with a value of $14.5bn.
The jewellery sector is the third biggest contributor to the UAE economy and a major supporter of national wealth creation. Around 8,000 GCC nationals are involved in the industry and by 2011 it is set to increase by almost 10 per cent.
The UAE’s consumption of gold went up eight per cent from 92.4 tonnes in 2006 to 99.8 tonnes in 2007. Sales in the UAE rose 24 per cent from Dh7.7bn in 2006 to Dh9.5bn in 2007. Investments in gold touched $8bn in the fourth quarter of 2007. |