Jewelry sales in the region equaled 51 tons, with Saudi Arabia and the UAE experiencing the highest sales. While the Kingdom's consumption hit 17.1 tons, the UAE sold 16 tons in the fourth quarter alone. Sales in 2009 were weighed down by high price volatility and record high prices of gold. In 2010, the price of the precious metal has stabilized in the region of $1,100 per ounce. This - coupled with the instability of the US dollar - has given a shot in the arm for gold sales in the region and the outlook remains highly positive in the short term. The continuing instability of the currency markets and other asset classes make gold a strong contender for further investment. Against this backdrop, the MidEast Watch & Jewelry Show is set to ride on these positive sentiments, when the region's longest running jewelry show gets under way at Expo Centre Sharjah from March 30, 2010. The 28th edition of MidEast Watch & Jewelry Show is set to host more than 450 master jewelers from all over the world with nearly 16,000 square meters of floor space. Running over five days from March 30 to April 3, the event is still the largest event of its type covering the Middle East market. Among the countries from where a majority of the individual exhibitors have confirmed participation in the event are Armenia, Italy, Bahrain, China, Lebanon, Qatar, India, Jordan, Japan, Lithuania, Myanmar, Saudi Arabia, Singapore, Thailand, Turkey, Malaysia, the US and the UAE. Dubai Multi Commodities Centre Authority (DMCCA) said earlier that the total gold trade through Dubai stood at $29 billion in 2009, matching the value of gold traded in 2008. This data was compiled by the Data and Statistics Reporting division of Dubai Trade, an innovative, simple and secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre. For the 12 months ending Dec. 31, 2009, a total of 576 tons of gold was imported into Dubai, compared to 674 tons in the previous year. Although imports in tonnage terms saw a 15 per cent decline compared to the record set in 2008, it was 16 per cent higher than the average import of 498 tons since 2001. In 2009, gold exports from Dubai reached 403 tons, an increase of nine per cent compared to 371 tons in 2008. Ahmed bin Sulayem, executive chairman, DMCCA, said: “Given the tough economic conditions and the resulting impact on the gold trade globally, Dubai's $29 billion gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade.” He added “the value of the gold trade in the emirate has increased by over six times since 2001; the same for 2009 is more than double the average trade in the past nine years. These figures demonstrate the emirate's increasingly important role as a centre for regional and global gold trade. With growing stability in global economic conditions, we are confident that Dubai will continue to perform well in 2010 and further strengthen its status as a global hub for gold trade.” In 2009, gold prices broke the record-high level of $1,200 per ounce before averaging to $973 per ounce. More than 130 countries served as gold import partners into Dubai in 2009. India continues to remain Dubai's top gold trading partner, signifying Dubai's role as a gateway to the gold trade in the Indian subcontinent. Recent figures showed gold exports from Dubai reached 403 tons in 2009, a 9 percent rise compared to 371 tons in 2008.
