Some Dubai retailers whose main clientele are Indians said sales have fallen by as much as half because of restrictions on carrying gold to India. Nicole Hill / The National
Some Dubai retailers whose main clientele are Indians said sales have fallen by as much as half because of restrictions on carrying gold to India. Nicole Hill / The National
Some Dubai retailers whose main clientele are Indians said sales have fallen by as much as half because of restrictions on carrying gold to India. Nicole Hill / The National
Some Dubai retailers whose main clientele are Indians said sales have fallen by as much as half because of restrictions on carrying gold to India. Nicole Hill / The National

Gold demand slumps within UAE’s Indian community


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  • Arabic

Demand for gold jewellery has slumped ahead of the traditional buying season for the Indian community, say retailers.

On Friday afternoon, the Deira gold souq wore a deserted look compared to Akshaya Trithiya in previous years, considered an auspicious day for Hindus to buy gold and start new ventures.

Some Dubai retailers whose main clientele are Indians, said sales had fallen by as much as half because of restrictions on carrying gold to India.

Volatility in prices and lack of liquidity among buyers have also affected sales, said Raju Thaker, the manager at Navrang Jewellers, which has had a presence in the souq for 40 years.

“A stable government in India and good monsoons could revive sales,” he said.

In April, which precedes the usual gold-buying spree during Akshaya Trithiya and for the upcoming wedding season in India, sales dropped by 20 per cent year-on-year at Navrang Jewellers.

Rural India accounts for the majority of demand, and good rains also mean higher demand for gold, which is perceived as a security during hard times.

Meanwhile, gold prices last month were 20 per cent lower compared to April 2013. But despite lower prices customers stayed away.

The Indian government has restricted gold imports to 1 kilogram per person to check the increasing trade deficit. On arrival, the visitor is required to pay 4 per cent duty for gold bars, and 10 per cent for jewellery.

Non-resident Indians should have stayed abroad for at least six months or more to carry these quantities.

Importers in India also need to export at least a fifth of their gold imports. Because of the curbs, India’s current account deficit is expected to fall below US$40 billion for the fiscal year ending March 31 from $88bn the previous year.

Sunil Bhatija at Popley Kewalram Jewellers, another jeweller who has been in the souq for about 13 years, said sales fell by at least half from April last year.

And in Deira’s Gold Land, a shopping complex packed with stores selling gold jewellery just a few blocks from the gold souq, shop manager Benny George at Chemmanur Jewellers said consumers had been only buying light jewellery unlike previous years.

Pure Gold Jewellers, which has 40 stores in the UAE, however, seems to have bucked the trend. The company said there had been an increase in demand but declined to give a figure.

And the restrictions have had “no adverse effects. In fact, there is higher demand of gold from Dubai within the stipulated limit”, according to Karim Merchant, the chief executive and managing director of Pure Gold.

The company plans to invest Dh500 million and open two more stores in the UAE this year.

ssahoo@thenational.ae

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Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Benefits of first-time home buyers' scheme
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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

UK-EU trade at a glance

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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

While you're here
Terminal High Altitude Area Defense (THAAD)

What is THAAD?

It is considered to be the US' most superior missile defence system.

Production:

It was first created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.

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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

Fighter profiles

Gabrieli Pessanha (Brazil)

Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.

Nathiely de Jesus, 23, (Brazil)

Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.

Thamara Ferreira, 24, (Brazil)

Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.

Samantha Cook, 32, (Britain)

One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.

Kendall Reusing, 22, (USA)

Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.

Martina Gramenius, 32, (Sweden)

Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.

 

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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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UAE currency: the story behind the money in your pockets
The specs: 2018 Mercedes-Benz S 450

Price, base / as tested Dh525,000 / Dh559,000

Engine: 3.0L V6 biturbo

Transmission: Nine-speed automatic

Power: 369hp at 5,500rpm

Torque: 500Nm at 1,800rpm

Fuel economy, combined: 8.0L / 100km

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

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The%20specs
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Barbie
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The specs

Price: From Dh180,000 (estimate)

Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder

Transmission: Eight-speed automatic

Power: 320hp @ 5,700rpm

Torque: 400Nm @ 2,200rpm

Fuel economy, combined: 9.7L / 100km

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions