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Dubai festival to focus on India

By Our Staff Correspondent

MUMBAI NOV. 16. The Dubai City of Gold, as part of the Dubai Shopping Festival (DSF) 2003, has decided to lay special emphasis on India as it has emerged as the key market for gold. "Of the US $ 150 million worth of gold and jewellery sold at Dubai Shopping Festival (DSF) 2002 (last year), India accounted for as much as $ 50 million,''said Tawhid Abdullah, Chairman, Gold & Jewellery Group of Dubai.

The Gold & Jewellery group, Dubai was formed at the initiative of the World Gold Council (WGC) and with the support of the Department of Economic Development to participate in the first DSF in 1996. Since then, it has evolved into a prestigious body committed to developing and sustaining Dubai's status as `The City of Gold.'

India is not only one of the biggest exporters of Gold and Jewellery to Dubai but is also one of the largest importers. Mr. Abdullah said that of the 110 tonnes of manufactured jewellery that Dubai imports each years, India accounts for over 20 per cent. Dubai imports 250 tonnes of gold bullion annually.

Mr. Abdullah said about half a million Indians visited DSF 2002 and predicted a rise of at least 15 per cent in DSF 2003. As part of its promotional activity, The Gold and Jewellery Group is offering a daily kilo of gold for all 32 days of the DSF and Rs. 1.3 crores as a grand prize to one lucky shopper.

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