Dubai’s gold imports dipped by 15% in 2009

Dubai’s total gold import in 2009 amounted to 576 tonnes, dipping by 15 percent, over 674 tonnes of gold imported in 2008. Although, as reports say, the import in tonnage in 2009 was 16 percent higher than the average import of 498 tonnes since 2001.

Dubai’s gold exports rose by 9 percent to 403 tonnes last year, from 371 tonnes in 2008. Reports add, that the total gold trade through Dubai valued $29 billion in 2009, matching the value of gold traded in 2008.

The reduced imports is being attributed to the economic slowdown and steep increase in the metal prices. Dubai’s retail sales of gold jewellery was hard hit with a general average drop of 25-30 percent. The World Gold Council had announced that demand for gold in the UAE had dipped by 33 percent in 2009 year-on-year, reports say.