UAE sold the most gold in Middle East in 2022

UAE sold the most gold in Middle East in 2022

The UAE is leading the Middle East region in gold sales, with demand for yellow jewellery in Dubai and the rest of the emirates surging in double digits to reach nearly 50 tonnes last year.

From January to December 2022, consumers snapped up a total of 46.9 tonnes of gold jewellery in the UAE, up by 38% compared to the same period in 2021, according to the latest data released by the World Gold Council (WGC).

The UAE’s gold consumption in 2022 was the highest in the Middle East region, outpacing the demand in Saudi Arabia, which logged 37.9 tonnes, Egypt (33.6 tonnes) and Kuwait (14.7 tonnes).

Jewellery demand in the UAE also outstripped those in other Middle East countries, where total demand reached 27.5 tonnes.

Regional demand

Across the Middle East, gold demand went up by 15% year-on-year to 190.4 tonnes, higher than in the Americas (187.8 tonnes), Europe (70.6 tonnes) and other Asian countries, except major markets like Greater China, which recorded 598.3 tonnes and India (600.4 tonnes).

“Sizable gains in the UAE and Saudi Arabia were key contributors to the regional performance. But momentum slowed in the fourth quarter, largely in response to the high and rising gold price,” the World Gold Council