By: Amr Adel
Dubai – Mubasher: Dubai Gold and Jewellery Group’s (DGJD) sales are expected to grow 11% to AED 10 billion during the 23rd edition of Dubai Shopping Festival 2018, from AED 9 billion in 2017, DGJD chairman Tawhid Abdullah said on Wednesday.
Offers are a key factor for boosting gold sales, in addition to the UAE’s tourism boom and its growing economy, he added on the sidelines of a press conference for launching DGJD’s promotion campaign for the new edition of the festival.
Dubai Shopping Festival will be kicked off next Tuesday 26 December 2017 until 27 January 2018.
DGJD chairman ruled out that putting value-added tax (VAT) into effect as of January 2018 would weigh on gold sales during the festival, as gold prices in the UAE outperform the metal prices in the region’s peers even after adding the new tax.
VAT will be imposed on the total receipt of gold purchases including the price and commission, Abdullah added.
It is scheduled that the UAE's government would introduce a new system for jewelry VAT refunds for tourists that in return eases VAT impact, head of Dubai Gold and Jewellery Group said.
The UAE’s gold and jewelry imports surged to AED 274 billion in 2016, while gold made up AED 85 billion to AED 90 billion of them, the top official highlighted.
DGJD comprises more than 600 members of gold traders in Dubai.
The non-profit entity was established under the patronage of Dubai’s Department of Economic Development in a bid to shore up the first edition of Dubai Shopping Festival in 1996.
Translated by: Kholoud Mohamed Hussein
