India’s exports of gems and jewellery are largely concentrated in the United States, UAE and Hong Kong which together account for as much as 80 per cent of the shipments
Gold prices sustained an upward trend in past few weeks and surpassed the $1,550 per ounce mark for the first time in more than 6 years on Monday due to the US-China trade war, geopolitical tensions in the region and slowdown in global economy
Spot gold increased by 0.2 per cent to $1,286.89 an ounce on Monday, while rates at the souks and other retail outlets increased by more than Dh 1
Despite a slump in demand for gold jewellery across the UAE in 2018, Dubai's gold, jewellery and diamond sales reached Dh274 billion, an increase of about three compared to 2017
The decline in prices could be short-lived, however, as analysts predicted the precious metal will rise again this week to $1,298 an ounce due to geopolitical tensions in the Middle East and a US-China trade war.
E-commerce giant hopes to significantly push sales of manufacturers and sellers of fine jewellery out of India in the UAE thereby increasing exports