TALKING HEADS

Tawhid Abdullah, Chairman of Dubai Gold & Jewellery Group.

The Gold Souq had grown to establish itself as a centre of attraction that holds several tonnes of gold at any given time and millions of carats of gemstones. We’ve had traders from India and other parts of the world set up shop in Dubai. It is well-known that Dubai is a major import and export destination. What is not widely known is that we are one of the fastest-growing exporters of jewellery.”

Joy Alukkas, Chairman of Joyalukkas Group

City of Gold gives every retailer an opportunity to showcase their works to the world and to the millions who come to Dubai. It also offers a platform for all jewellery businesses to unite, work together, innovate, support each other and maintain Dubai’s position as the ‘City of Gold’.”

Anil Dhanak, Kanz Jewels

Unlike at a mall, which has shops selling all kinds of activities, the Gold Souq focuses only on jewellery. As a result, the daily footfall at a jewellery store in the Gold Souq far exceeds the footfall of such a store in a mall.”

Baiju Kuireash, consultant to Dubai Gold & Jewellery Group

The difference in prices is predominantly in the making charges and taxation rates. For example, India is the second largest gold market in the world, but the customer ends up paying 12 per cent import tax and 1 per cent VAT on gold.”