India was among the top trade partners of Dubai in gold business in 2008, according to the Dubai Multi Commodities Centre.
Total gold trade through Dubai reached a record $29 billion in 2008, an increase of 53 per cent compared to $19 billion in the previous year, the Dubai Multi Commodities Centre (DMCC) said in a statement today.
More than 100 countries served as gold import partners into Dubai in 2008, led by the United Kingdom and India. During the same period, Dubai exported gold to a record 64 nations, with India and Switzerland topping the list of export partners, DMCC said.
In 2008, a total of 674 tonnes of gold was imported into Dubai, up 21 per cent compared to 559 tonnes in 2007. During the year, gold exports from Dubai reached 371 tonnes, an increase of 29 per cent compared to 287 tonnes in the previous year, it said.
"Gold prices surged to an all-time record high during the first quarter of 2008 leading to a significant inflow of gold scrap into Dubai for refining. The subsequent slowdown in prices during the last quarter of the year led to a major increase in bullion imports into Dubai, showing that the emirate has become a market for all seasons," DMCC Chief Executive Officer David Rutledge said.