Indian investors were ranked number one in foreign investors for Dubai’s thriving gold and diamond jewellery business among 62125 investors in the sector. Expatriate investors from countries like Pakistan, Britian, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen and Canada make up the rest of the top ten.

These include 60,012 businessmen and 2,113 businesswomen, according to the Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED), Dubai, in its new report. Despite a slump in demand for gold jewellery across the UAE in 2018, Dubai's gold, jewellery and diamond sales reached Dh274 billion, an increase of about three compared to 2017, according to the Dubai Gold and Jewellery Group.

"Gold price action will be rangebound in the coming weeks due to different headline hitting the wires. On the down side, 50 day moving average at $1290 will be acting as a support in the short term," said Vijay Valecha, Chief Market Analyst, Century Financial.

The UAE accounts for about 14 per cent of the world's gold trade, and Dubai, in particular, is rising through the ranks as a purchase and investment destination, as it accounts for 20 per cent of the world's sales of precious metals. Following the introduction of VAT in 2018, demand for gold jewellery in the UAE dropped 23 per cent to 36.2 tonnes last year. Over the past six years, the demand has been falling virtually every year from its peak of 64.4 tonnes in 2013, according to a Gold Demand Trends report by the World Gold Council.

Courtesy: Khaleej Times