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According to some experts, demand for gold and diamond jewelry will rise in the oil producing regions of the Middle East.
Summer is usually a time when millions of people buy more gold. Some buy jewelry when visiting hometowns and many buy gold as a "safe haven" in terms of investment.
In an interview to the Gulf Times, A. V. Joju, an Alokas Jewelry executive, said that gold sales significaly increase during the summer months of June and July. "The main reason", he explains, "is because many people go on leave during the summer. And as a result, many individuals carry gold jewelry. The Gulf region always was famous for high quality gold jewelry."
According to World Gold Council data for the first quarter of 2007, gold sales in the United Arab Emirates had risen by 25% as compared with the coresponding period in 2006.
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