Gold and jewelery outlets have said markets have seen a slowdown in demand for new gold jewelery, with more declines expected in the coming period.
They pointed out that the outlets will depend in the coming period on the movement of tourist groups, which is expected to have significant positive effects on the sales of jewelry and new jewelry in general. The price of gold recorded at the end of last week, a slight decline of 50 fils per gram of different caliber, compared to the end of the previous week, according to the prices announced in the Dubai and Sharjah markets.
Slow in demand
Raj Obahai, director of Mashum Jewelery, said markets are now seeing a slowdown in demand for new goldsmiths, as there are no price spur catalysts to buy, pointing out that a number of dealers preferred to postpone the purchase in anticipation of further price declines. He added that the slow demand in the category of bullion and gold coins, because the current prices are high and does not match the idea of buying for savings or investment.
Limited turnout
For his part, said the director of «Bild Damas Jewelery», Matish Surati, said that the outlets have seen a limited demand for the purchase of new gold jewelry, with the anticipation of gold price declines in large proportions, pointing to news about the possibility of a decline in prices in the coming period. This was supported by a slight decline in prices over the past two weeks. He stressed that most of the outlets rely on the movement of tourist groups in the coming period, which is expected to have significant positive effects on sales of jewelry and new jewelry in general.
Purchase decisions
Fazl Ahmed, sales officer at Lazurd Jewelery, said that some dealers' postponement of buying decisions in anticipation of large price declines in the coming period has affected the demand of new goldsmiths, especially with unconfirmed news that prices are heading for a larger decline. . He explained that the markets witnessed a turnout of dealers to sell goldsmiths used for stores, with the price limits of gold is still high currently. He confirmed the presence of signs of tourist turnout, pointing out that the positive impact of sales of tourists will become more clear during the second half of October, with the expectation of more tourist traffic.
gold prices
Gold prices fell slightly last weekend, reaching 50 fils per gram of different caliber.
The price of a gram of 24-carat gold was 181 dirhams, while 22-carat recorded 170 dirhams per gram.
The price of a gram of 21-carat to 162.25 dirhams, and 18-carat to 139 dirhams.