Gold jewellery sale volumes in Dubai fell around 40 percent in July on a year ago, as the economic downturn and summer heat deterred tourism, retailers said on Tuesday.
Tourists are a large part of the market for Dubai's tax-free gold, but recession has eaten into disposable incomes and hit the flow of visitors to the emirate, deepening the seasonal downturn in visitors as desert temperatures peak.
"There are no more tourists walking around the souk," said a salesman from ARY Jewellery based in Dubai's old gold souk.
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