Officials at the outlets of jewelery and goldsmiths said that a number of stores offering marketing offers, whether through prize draws or discounts on «workmanship» prices, as well as the relative stability of prices, stimulated the demand for new goldsmiths.
They pointed out to the UAE today that there is a demand to buy gifts of the festival of Diwali at dealers of Asian nationalities, pointing out that the gifts were concentrated in small gold coins and artifacts of caliber 21 and 22 carats.
The market has improved
In particular, the director of «Ibriz Jewelery», Abdul Fattah Al-Yafi, said that the markets have witnessed activity and improvement, supported by the stability of the price of gold, and not to record high heights, in addition to the shops offer offers on gold jewelery centered in devaluing the «workmanship» of jewelry to attract dealers. He added that the passage of more than a month at the beginning of the school year, in turn, supported the orientation of categories of dealers towards the gold market, especially with the continuation of prices at close rates for a long period, pointing out that those groups were preoccupied with the requirements of the school year for their children.
He explained that the offers, which some gold stores began to expand recently, focused in the raffles, and the granting of gifts on purchases, or reductions in the value of «workmanship», stressing that the celebration of the festival of lights «Diwali» of factors positively affect the increase in demand for purchase.
Gold coins
Dramesh Ratar, sales officer at Al-Marari Jewelery, agreed that there is an additional improvement in the recent purchase of gold jewelery, supported by the Diwali Festival of Lights, which began mid-week and lasts until early November.
He stressed that the relative stability of gold prices, was one of the factors driving the demand for the purchase of new jewelry, especially for the 21 and 22 carats, in addition to the demand for the purchase of gold coins. In the same context, said the director of the shop «jewel Baghdad gold trade», Hikmat Ward, that the gold markets are currently witnessing a remarkable growth in demand for the purchase of new gold jewelery compared to the previous two weeks, due to several factors, most notably the high movement of gold and a relatively stable In addition to the demand of dealers to buy gifts after the end of the obligations of the beginning of the school year, or from Asian nationalities on the occasion of the festival «Diwali», pointing to the launching of promotional offers by stores, which in turn supported the market demand.
Gold prices locally
The price of gold, the end of last week, recorded a rise of one dirham per gram of various carats.
The price of a gram of 24-carat gold was 181.5 dirhams, an increase of one dirham, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold recorded 170.5 dirhams, an increase of AED. The price of a gram of 21-carat reached 162.75 dirhams, up by AED, and the price of grams of 18-carat gold to 139.5 dirhams, an increase of AED.