Imports were 503.5 tonnes in 2004 while exports stood at 260.909 tonnes.
"We expect the year-end figures to exceed last year, mainly on an increase in buying of gold from local consumers and tourists," Colin Griffith told Reuters.
He said jewellery sales were expected to rise to 110-115 tonnes this year from 100 tonnes a year ago.
Gold has been hovering within range of the totemic $500 an ounce mark for some weeks, pushed up by worries about inflation and the US economy. Gold hit a near 18-year high of $480.25 an ounce two weeks ago before profit-taking kicked in.
The World Gold Council also expected a bumper year for gold jewellery sales in Dubai, part of the United Arab Emirates and the Gulf region's trade and tourism hub.
"We expect UAE consumption to be up 15 percent from 2004," WGC's Middle East regional director Moaz Barakat said.
"This year is the best year for gold and from the Middle East to the Indian subcontinent to China, there is a huge boom."
Gold jewellery, which along with bullion and old jewellery to be melted down, make up Dubai's main imports. Some jewellery is re-exported to other Gulf and Arab countries while some bullion goes to India, the world's largest consumer.
DMCC figures showed Dubai's imports fell 20 percent to 129.164 tonnes in the third quarter of 2005 compared to 161.256 tonnes in Q2.
The Q3 imports, however, were higher than the 123.765 tonnes imported in the same 2004 period in line with the uptrend in the trade in the precious metal.
"The drop in Q3 might be slightly due to the high gold price which has affected the retail market and there is also a bit of the summer effect," Griffith said.
Dubai's gold exports were also lower at 40.347 tonnes in Q3 compared to 46.573 tonnes in the second quarter, but were higher year-on-year compared to 38.076 tonnes.
Sales are traditionally weak in the third-quarter due to summer holidays, cash-strapped consumers returning from holidays and the absence of any Arab or Indian feasts that usually boost demand.
WGC's Barakat expected demand to rise in Q4 due to the Indian festival and wedding season in October, the Muslim Eid al-Fitr feast in November and the peak tourist season and Christmas in December.
"I think 2006 will also be another good year," he said. "There are currently 700 gold retail outlets in Dubai and this figure will increase by another 450 within the next two years. There is definitely a market here in Dubai."
Dubai has long been a centre for the physical gold industry in the Middle East, India and Pakistan.
The city's is renowned for its gold market and will launch a gold futures exchange next month.