Thursday, January 29, 2009

World Gold Council proud to extend its participation in DSF 2009

Dubai, UAE (January 19, 2009) – Once again the World Gold Council (WGC) has shown its commitment to participate in the Dubai Shopping Festival 2009 in collaboration with Damas on a massive gold promotion. Since the inception of this festival, WGC has been a very enthusiastic partner of the Dubai Government in supporting its various activities - the most prominent amongst them being the annual Dubai Shopping Festival which has significantly contributed towards the city’s success and recognition as the ‘City of Gold’.

On every purchase of gold and jewellery worth Dh500 at one of the participating Damas stores, the customer will be entitled to one raffle coupon and enter into a daily draw to win gold. This mega promotion offered during the biggest regional shopping bonanza will give five shoppers the chance to win 100gm of gold every day and four lucky winners will also get an opportunity to win the grand prize of 1kg gold each.

Lama Al Saheb, Head of Marketing & PR – Middle East Region commented: "Experts have always said gold is a hedge against inflation, and just as importantly in the UAE, a hedge against the US dollar. Gold has always been a safe haven and with the global economy fast sinking into recession it is coming to the limelight again. Despite the global downturn, the gold market in the UAE remains healthy with the investment sector increasing significantly by end of 2008 as a result of the consumer awareness towards investing in gold.

“The jewellery sector had its ups and downs during the second half of 2008 with a significant increase in Q3 (Dh4.3 billion in the UAE) followed by a slight drop in gold jewellery consumption in Q4 (figures not available yet). However, the increase in the investment sector balances the total gold consumption leading to a stable and healthy gold market in the UAE. Therefore, gold remains the safe investment choice, whether purchased in the form of coins and bars or as gold jewellery. The World Gold Council, urges consumers to make the wise choice this DSF and buy gold jewellery. Given the current global conditions, it is wise to make purchases that store its value."

Yogaani Bhatia, World Gold Council’s Jewellery Marketing Manager, UAE commented: “Dubai’s growing international trade makes it a very attractive hub and the gold trade continues to gain from this escalation. Dubai Shopping Festival persists to lure residents and tourists with its comfortable opulence combining it with exciting activities and the World Gold Council is both proud and pleased to extend its participation with Damas for this successful endeavour.

“Moreover, we strongly believe that providing marketing opportunities through such events escorts the gold industry to seek new heights in showcasing innovative and stylish gold jewellery. Gold’s universal role as a store of value has shone through 2008 helping attract investors and consumers to all forms of gold ownership. This makes World Gold Council optimistic towards 2009 and we assure constant support to the gold trade and industry who share our objective leading to a further market growth and penetration.”

The 14th edition of the grand event is scheduled to take place between January 15th and February 15th 2009 and retailers in the city have reportedly stocked up on the latest and most trendy designs of the season with an eye on international fashion trends. Gold trade particularly continued to receive a boost with Dubai coming into the limelight as a growing international trading hub. As one of the most bankable financial assets, gold has time and again proved itself during times of crisis as an investment of worth. It also adapts itself admirably to present day fashion trends with designers competing with one another to come up with the most innovative, eye-catching designs.

In UAE, the increase in gold demand reached 22% in tonnage terms; equal to 56% increase in value terms. Q3 also saw a record performance as consumer demand increased for gold jewellery with buyers returning to the markets on lower price points, around and below $800, demonstrating the underlying positive sentiment towards gold and its recognition as a store value.

The continued marketing efforts of the World Gold Council, with the jewellery trade and the continued support of the UAE government have played an invaluable and critically vital role in promoting tourism in the country. And with gold outlets stocked with the very latest jewellery trends, this month-long event draws visitors from across the world.

From minimalistic appeal to grand and opulent designs with intricate detailed work, gold jewellery now comes in an array of astonishing hues such as rose, green, purple, blue and black, apart from the eternal favourite yellow and white. Filigree-like cut out designs while heightening volume are also lightweight with a casual, fun quality that’s extremely budget friendly too.

A host of tempting and exciting gold jewellery collections to suit both mood and occasion await shoppers this DSF 2009.

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