Retail and jewelery traders reported that the markets were finally seeing limited improvement in the demand for gift items, mostly in small weight categories.
They pointed out that the indicators of improvement are due to the willingness of a large number of dealers to spend the summer holidays, after the end of the school season, which made some people to buy their needs of gifts before traveling without waiting to record gold prices new declines.
Indicators of improvement
"The markets have recently seen a slight improvement in the appetite for new business gifts after a long period of stagnation and slow turnaround, and most of the activity in the markets during the three weeks has been limited," said Diab Soni, sales manager at Al Matroushi Jewelery. The previous, the turnout of a number of dealers on the sale of used products and alloys and currencies ».
"The improvement is due to the willingness of a large number of customers to travel for the summer holidays in the coming period, after the end of the school season, which made some prefer to buy the requirements of the gifts of the workers without the need to wait for the record gold prices for indicators of retreat more stimulating.
Sale of works
Ali Al Yafie, Director of Basalat Jewelery, said: "Despite the continued trend of customers' interest in the sale of used products, the markets have recently seen slight improvements in the demand for small business gifts from small weights, Of traders to travel to their countries for the summer holidays », and expected that« the movement will improve further by the end of this month, and by the beginning of next month, with the travel of larger numbers of customers to spend the holiday of Eid al-Adha in their countries ». "The limited improvement in the popularity of some new business gifts is concentrated in the small weights of the products, which have seen demand from dealers who prefer to buy these kinds of gifts before they go to spend," said Mangesh Balikra, director of Rigi Jewelery. Especially in light of the fact that the prices of gold jewelery in the UAE market are less expensive compared to many other Middle Eastern markets, which impose different taxes on gold and gold, as well as increase customs duties. In the same context, the director of Jewelers Hayat, Dilip Dahkan, explained that "the continuation of prices at high rates has made the activity of the demand for the sale of used products, continued by some dealers, but the phenomenon is the beginning of some indicators of improvement limited in the purchase of gifts Small weights, with some having to buy now ahead of their summer holidays. "
"There is limited buying in the markets for some currencies and small bullion," he said.
Gold prices yesterday recorded gains of between 75 fils and one dirham per gram of different caliber.
The price of a gram of 24-carat gold was 172.5 dirhams, up 1 dirham, compared to the previous week's price. The price of a gram of 22 carat gold was 162 dirhams, an increase of one dirham, and the price of gram of 21 carats to 154.75 dirhams, The price of a gram of 18 carats of gold rose to 132.5 dirhams, up 75 fils.