Annual gold sales in Dubai increased 53 per cent over the course of 2008, new figures from the Dubai Multi Commodities Centre (DMCC) show.
The organisation reports that total trade in the precious metal reached $29 billion in 2008, compared to $19 billion the previous year.
Dr David Rutledge, DMCC chief executive, said that record prices in the first half had to help support the emirates inflow of scrap gold for refining.
Meanwhile the drop in prices witnessed in the final 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", Dr Rutledge added.
He said that the strong results show that Dubai is consolidating its position as a key regional and global trading partner.
In addition to supporting gold trade throughout 2008, the DMCC also attended the ICA International Gem Show, where more than 100 exhibitors wowed attendees with their elegant and eye-catching stones.