In the first quarter of this year, the most popular imports in the UAE were gold and diamonds. Consumers in the country purchased 20,000 kilograms of gold and diamonds worth 3.7 billion dirhams. Most of the buyers of these gold and diamonds are Indians living in the UAE.
According to the World Gold Council (WGC) report, the demand for gold in the UAE in the first quarter of 2014 reached 25.4 tons, an increase of 16% year-on-year. The main driving factor behind this is that Indian tourists buy in the UAE to avoid domestic taxes.
In the first quarter, the UAE’s goldsmithing grew substantially, mainly because of the low price of gold and the large demand from India.
According to local gold sellers in the UAE and officials of the Dubai Gold and Gold Group, the UAE’s gold purchases are not all from UAE locals or Arabs or Europeans. Instead, Indians buy most of the UAE’s gold and diamond jewelry. .
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