Reinforcing Dubai’s status as the ‘City of Gold’

All around the year, a large number of people – both residents and tourists – flock to a popular destination in Dubai called the Gold Souk. Not too far away from the creek, the history of Gold Souk dates back to early 1900 when a handful of gold and jewellery merchants set up shops in this area. Businesses continued to grow over the decades. Today, Gold Souk probably houses over 500 shops.

Gradually, the jewellery business expanded beyond Gold Souk, moving over to high streets and shopping malls. What has, however, remained constant is Dubai’s dominant status as the ‘City of Gold’. Retaining the sheen and status requires hard work, vision and cooperation between the industry stakeholders to grow collectively.

“I feel privileged to be part of an industry that continues to shine,” says Tawhid Abdullah, chairman of the Dubai Gold & Jewellery Group during an exclusive interview with RetailME.

“Over the past 24 years, we have worked as a soccer or baseball team. Just like players play together leveraging each other’s strength, we have been doing the same. We have worked very hard to elevate the status of our industry. It requires our involvement in the day-to-day operations to feel the pulse of our industry around the world and gauge prospects.”

“Government’s support, coupled with self-discipline; quality of traders, coupled with financing options from banks; efficiency and credibility of our industry worldwide have contributed to Dubai’s status as the ‘City of Gold’,” he adds. “Besides, we have a healthy mix of young and experienced members on the board of the Dubai Gold & Jewellery Group that helps us to remain ahead of the curve. We can infuse years of learning with innovative thinking.”

The industry – consisting of gold, diamond, bullion, scrap and jewellery – contributes significantly to the UAE’s GDP. It has consistently contributed to the country’s overall retail sales for many years.

Read the full article in the January edition of RetailME