Dubai Gold & Jewellery Group unveils exciting DSF promotions offering 32 Kilogrammes of gold winnings

- DSF 2008 expected to generate AED 1.2 billion in gold jewellery sales, a 20% increase from last edition –

Total winnings worth AED 3.5 million
Over 400 jewellery outlets expected to participate in DSF
AED 500 worth of jewellery purchase allows customers to enter daily raffle draw for 1 kg of gold
‘Win with the winner’ programme introduced for participating jewellery outlets
Gold Souq gearing up as a key destination for DSF

Dubai, January 14, 2008: Dubai Gold & Jewellery Group (DGJG), a key sponsor of Dubai Shopping Festival for the 13th consecutive year, has unveiled winnings of 32 kilogrammes of gold, worth AED 3.5 million. The Group has also introduced a special ‘Win with the winner’ scheme for participating retailers whereby they receive a cash award if the winning coupon was obtained from them.

“DSF is one of the biggest festivals for gold jewellery sales. More than 400 jewellery outlets all over Dubai are expected to participate in this year’s DSF. With fabulous chances of winning 1 kg of gold daily, customers can look forward to an exciting time. The retailers have already started stacking up new trendy jewellery designs in anticipation of increased demand, “said Tawfique Abdullah, Chairman, Dubai Gold & Jewellery Group.

“We expect this year’s DSF to generate a total of AED 1.2 billion in sales, an increase of 20% over last year. Though gold prices are high, with the large number of visitors expected and the active support of our members, we are very positive about the results. Research shows that most visitors who come to Dubai purchase gold as the city provides excellent quality and variety of jewellery at the world’s best prices, true to its reputation as the ‘City of Gold’,” he added.

To try a hand at winning, all customers need to do is purchase AED 500 worth of gold jewellery from any of the DSF participating outlets in Dubai. The accompanying coupon will allow them to enter the daily raffle draw for 1 kg gold.

Since the inception of DSF in 1996, DGJG has given away more than 600 kilos of gold in prizes.

As a key destination for gold and jewellery shopping, Gold Souq is gearing up to celebrate the largest retail event for the industry. Decorations and illuminations will adorn the Souq, there will also be entertainment and street performances throughout DSF.

DGJG’s DSF promotions are in association with the World Gold Council. Moaz Barakat, Managing Director of the World Gold Council, Middle East, Turkey and Pakistan, said: “We are happy to support the Dubai Shopping Festival which greatly benefits the jewellery trade. DSF brings the entire industry on a common platform which helps to drive retail sales higher. Dubai would not have achieved the status of “Dubai, The City of Gold” without the joint efforts of the Dubai trade and Government of Dubai.”

Talking about the developments in Dubai’s gold and jewellery industry, he added: “The average gold price in 2006 was USD 604 compared to the average gold price in 2007 which was USD 698 which is an increase of 15.56 %. The UAE gold consumption in terms of tonnage increased from 78.0 tonnes within the first three quarters of 2006 to 85.5 tonnes in the same period of 2007, contributing to a 10% increase. The UAE sales value increased from AED 6.3 billion within the first three quarters of 2006 to AED 7.7 billion in the same period of 2007, showing a 22.2% increase.”

Total gold import figures in the first three quarters of 2006 was 361 tonnes compared to the same period in 2007 which was 452 tonnes. This is an increase of 91 tonnes which is a remarkable 25.2% increase.

Apart from World Gold Council, the Dubai Gold & Jewellery Group campaign is supported by Visa as the preferred payment partner.

Speaking at the launch event, Laila Suhail, Chief Strategy Officer of DSF said: “DGJG’s special promotions add a golden touch to DSF every year. Lucky winners get to walk away with kilos of gold free. Considering the intrinsic value of gold and its appreciation, this is a great incentive for jewellery shoppers. Every year the promotions generate enthusiastic participation from all and we look forward to a great response this year.“

More information about the promotions can be obtained from Dubai Gold & Jewellery Group website, www.dubaicityofgold.com.

For editorial info, please contact: Lisa George/Jonathan Tudor, ASDA’A Public Relations, Dubai. E-mail: l.george@asdaa.com/ j.tudor@asdaa.com. Tel: 0097143344556

About Dubai Gold and Jewellery Group (DGJG)
Formed with the support of the Dubai Department of Economic Development in 1996, the Dubai Gold and Jewellery Group (DGJG) is a trade association with over 700 members representing all sectors of the trade, including bullion trade, manufacturing, wholesale and retail. The Group has since then evolved into a prestigious trade body committed to developing and sustaining Dubai’s status as the ‘City of Gold’. It also leads the campaign to position Dubai as ‘The Jewellery Destination of the World’.

Formed with the support of the Dubai Department of Economic Development in 1996, the Dubai Gold and Jewellery Group (DGJG) is a trade association with over 700 members representing all sectors of the trade, including bullion trade, manufacturing, wholesale and retail. The Group has since then evolved into a prestigious trade body committed to developing and sustaining Dubai’s status as the ‘City of Gold’. It also leads the campaign to position Dubai as ‘The Jewellery Destination of the World’.

Facts about the Dubai Jewellery Trade

Per capita gold bought every year: 34 grammes more than an ounce (31.1g) highest in the world
More than two thirds of the population buy gold at least once a year
48% of all gold is for gifting
28% is for self
95% of all tourists buy gold
On an average every person buys five pieces of gold jewellery every year
Each piece is worth $400 on average, so the average yearly spend is $2,000
76% of all Dubai residents own gold
80% intend to buy gold in the next year
90% of the jewellery market is plain gold jewellery (as against 10% gem set)
90% of all jewellery in Dubai is imported
Imports come from Saudi, India, Pakistan, Thailand, Italy, Malaysia, Singapore, Bahrain
Dubai is the Middle East supply hub for the jewellery market.
95% of all jewellery sold is above 21 karat; the rest is 18 karat
Dubai has over 600 shops, the densest concentration in the world
Dubai’s Gold Souq has 275-odd shops in a half a square kilometre area
At any given time about 25 tonnes of gold is on display in jewellery shop windows
Jewellery is sold on gold price plus making charges unlike in the West, where it is per piece
Dubai is the world’s second largest redistributor of bullion; it imports 489 tonnes and re-exports 274 tonnes
Dubai made the world’s longest gold chain during DSF 99. The chain was made in 22k gold and measured 4.2kms. 9,600 people bought the chain in neckwear and bracelet size pieces.