Damas X Thowhid Abdulla
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Xpress: News | Man of gold: The Midas touch
Page 1 of 3
Sunday, January 13, 2008
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1/13/2008
Xpress: News | Man of gold: The Midas touch
Page 2 of 3
Published: January 03, 2008, 08:57
Man of gold: The Midas touch By Jay B. Hilotin, Chief Reporter View photo gallery
>>
© XPRESS/Pankaj Sharma
The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse.
Add comment>
Near record-high prices won’t stop Dubai’s gold trade from growing, the city’s gold mogul says. Tawhid Abdullah, Managing Director of
Damas Jewellery LLC, whose 141 stores across the UAE account for about 12 per cent – 170 kg – of daily gold sales, says the spike is temporary and won’t dislodge Dubai’s status. "Our customers come from around the world. We think gold trade will continue to grow by 10 per cent in the next five years. Whether Dubai stands at No. 1 or No. 2 in the gold trade, it won’t matter. It’s already a big player." After India, the UAE is now the world’s biggest bullion trading point, selling about 1.4 tonnes of gold a day (of which 700 kg are gold bullions), 50 per cent higher than in 2000, says Abdullah. *How often do you buy gold? Vote in our poll. Gold prices reached a 28-year high recently, shrinking Dubai gold sales by six per cent in October. It peaked at $845.40 (Dh3,122) an ounce in early November last year, $5 (Dh18.3) away from its all-time high of $850 (fixed in London in January 1980). On January 1, 2008, gold slipped to $833.30 (Dh3,060). SIMPLE SPARKLE Despite the glitter all around this goliath of the gold trade, Abdullah lives a bit of a spartan life. He does not wear a single gram of gold or carat of diamond, though his 346 stores worldwide carry about 100 times his body weight in gold. Abdullah, who turns 50 next month, runs the multi-billion dollar company from an unassuming office overlooking Dubai’s fish market. Some of his underlings carry fancier mobile phones than his three-year-old Nokia 6230. The only fancy gear in his workplace is a Reuters terminal that shows gold price movements. The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse. White trays carrying jewellery worth tens of millions of dollars are stacked all over the place. Not far from his desk, dozens of long-sleeved Indian assistants work
file://E:\Xpress News Man of gold The Midas touch.htm
1/13/2008
Page 1 of 3
Sunday, January 13, 2008
Home
Search
News
Life
Sport
news | uae | dubai
file://E:\Xpress News Man of gold The Midas touch.htm
Photos
My Xpress What Is RSS?
1/13/2008
Xpress: News | Man of gold: The Midas touch
Page 2 of 3
Published: January 03, 2008, 08:57
Man of gold: The Midas touch By Jay B. Hilotin, Chief Reporter View photo gallery
>>
© XPRESS/Pankaj Sharma
The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse.
Add comment>
Near record-high prices won’t stop Dubai’s gold trade from growing, the city’s gold mogul says. Tawhid Abdullah, Managing Director of
Damas Jewellery LLC, whose 141 stores across the UAE account for about 12 per cent – 170 kg – of daily gold sales, says the spike is temporary and won’t dislodge Dubai’s status. "Our customers come from around the world. We think gold trade will continue to grow by 10 per cent in the next five years. Whether Dubai stands at No. 1 or No. 2 in the gold trade, it won’t matter. It’s already a big player." After India, the UAE is now the world’s biggest bullion trading point, selling about 1.4 tonnes of gold a day (of which 700 kg are gold bullions), 50 per cent higher than in 2000, says Abdullah. *How often do you buy gold? Vote in our poll. Gold prices reached a 28-year high recently, shrinking Dubai gold sales by six per cent in October. It peaked at $845.40 (Dh3,122) an ounce in early November last year, $5 (Dh18.3) away from its all-time high of $850 (fixed in London in January 1980). On January 1, 2008, gold slipped to $833.30 (Dh3,060). SIMPLE SPARKLE Despite the glitter all around this goliath of the gold trade, Abdullah lives a bit of a spartan life. He does not wear a single gram of gold or carat of diamond, though his 346 stores worldwide carry about 100 times his body weight in gold. Abdullah, who turns 50 next month, runs the multi-billion dollar company from an unassuming office overlooking Dubai’s fish market. Some of his underlings carry fancier mobile phones than his three-year-old Nokia 6230. The only fancy gear in his workplace is a Reuters terminal that shows gold price movements. The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse. White trays carrying jewellery worth tens of millions of dollars are stacked all over the place. Not far from his desk, dozens of long-sleeved Indian assistants work
file://E:\Xpress News Man of gold The Midas touch.htm
1/13/2008
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