Dubai golds sales plunge 45 pct so far in '09

Dubai gold jewellery sales have plummeted 45 percent so far in 2009 as the industry experiences its worst year in recent memory, traders have told Maktoob Business.

Traders said sales have been hit by a triple whammy of high gold prices, falling tourist numbers and rock-bottom consumer confidence caused by the global economic downturn.

“This is the worst time for gold I’ve seen in the eight years I’ve been here,” said a sales manager at one store in Dubai’s famous Gold Souq, a popular shopping destination for the thousands of tourists lured by the tax-free jewellery.