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Dubai
has
evolved
as
a
significant
jewellery
manufacturer
as
well
as
wholesaling
substantial
quantities
of
jewellery
from
Italy,
Malaysia,
Indonesia
and
South
Korea.
Italy
alone
exports
around
25
tonnes
(0.8
million
oz)
of
gold
as
jewellery
to
Dubai
annually.
Saudi
Arabian
manufacturers
have
also
established
outlets
in
Dubai.
Factories
in
Dubai
and
the
neighbouring
emirate
of
Sharjah
produce
around
49
tonnes
(1.6
million
oz)
of
gold
jewellery
annually.
The
essence
of
jewellery
marketing
in
Dubai
is
high
volume
and
low
mark-up.
With
no
sales
tax,
it
is
one
of
the
cheapest
places
to
buy
jewellery.
Indeed,
Dubai
calls
itself
'City
of
Gold'.
The
400
gold
shops
in
its
souks
and
shopping
malls
have
9.3
tonnes
(0.3
m
oz)
on
display
in
18,
21,
22
and
24
carat
gold,
often
with
jewellery,
coins
and
small
bars.
The
amount
of
gold
jewellery
consumed
locally
in
the
UAE
stands
at
around
41
tonnes
(1.3
m
oz).
Retail
sales,
however,
are
far
higher
because
of
the
very
large
number
of
purchases
made
by
tourists.
A
major
surge
in
consumption
occurs
every
March
with
the
Dubai
Shopping
Festival
which
actively
promotes
gold.
During
the
March
2001
festival,
it
is
estimated
that
over
9
tonnes
(0.3
m
oz)
of
gold
jewellery
was
sold.
The
Dubai
Gold
&
Silver
Jewellery
Group,
an
association
of
local
manufacturers,
wholesalers
and
retailers,
is
active
in
promotion.
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