Gold sales reach DSF record

Gold sales hit a record high of AED 1 billion (£139 million) at the 2006/7 Dubai Shopping Festival (DSF), according to the World Gold Council (WGC).

This total beat initial estimates by some 25 per cent and the final figure was buoyed by various promotions taking place at the festival such as raffles to win gold bullion.

It was found that those who flocked to Dubai for the DSF, were particularly interested in branded and customised jewellery and this helped to add to the record sales figure.

Moaz Barakat, managing director of the WGC, said: "As always, we remain committed to promoting gold during the much-awaited Dubai Shopping Festival. We extend full support to all associated with the gold industry in terms of marketing and promotion to make gold the best selling commodity during this year."

He went on to state that the WGC is committed to developing the gold industry in the United Arab Emirates and wishes to see the precious metal gain in popularity in the region.

The inaugural DSF took place back in 1996 and a huge firework display signalled the end of this year's festival at the Zabeel Park.