The volatility and fluctuation in gold rate is affecting consumer purchasing power, according to a survey conducted by the Dubai Gold ‘&’ Jewellery Group, Emirates news agency (WAM) reported.
On average, the survey said jewellers in Dubai depend on tourists for at least 50 percent of their sales, and on local customers for the rest.
“There is an overall decrease in the number of tourists visiting jewellery shops as well as in the purchasing power of visitors especially among the Western tourists whose buying power has declined by 50 percent to 70 percent,” said Chandu Siroya, Vice Chairman of Dubai Gold ‘&’ Jewellery Group in his presentation on the Dubai gold and jewellery industry at the 7th Dubai City of Gold Conference.
He added that the business is now being sustained by South Asian tourists and visitors from the African continent. [Read More]
