Manafeth officials for the gold and jewelry trade said that the markets have recently witnessed a limited improvement in the demand for artisan sales, with a number of dealers apprehensive about expectations of gold prices registering high rates during the coming period.
They pointed out to «Emirates Today» that the slight decline in the price of a gram of gold, after rises that lasted for about three weeks, spurred some dealers to buy recently, in addition to the continued growth in sales of tourists for gifts of crafts.
And gold prices recorded by the end of the week, a value that ranged between 25 and 50 fils for a gram of various carats, according to the prices announced in the Dubai and Sharjah markets.
In detail, the sales manager of Al-Sarraf Jewelry Company, Abdullah Mohamed Al-Tohamy said, “The markets are witnessing an improvement in very limited proportions, with the support of some dealers, and fearing that gold prices will register additional increases in large proportions according to market expectations, in addition to that although The recent declines in gold prices were slight, but they affected significantly, by stimulating some traders to buy.
He pointed out that "the limited improvement rates were mostly concentrated in the purchases of Asian and Arab dealers on small pieces of handicraft gifts, especially from standard 18, 21 and carats."
For his part, Sales Director of "Al-Nakheel Jewelery Company", Samir Ali, added that "the limited improvement in sales of crafts recently came after a period of slowness that lasted for a period of three weeks, which witnessed successive increases in prices with values amounting to about seven dirhams," noting that "The limited improvement has also come with support from the continuing demand from tourist groups at last."
He explained that «the markets did not register a large activity in sales recently due to reasons that the prices are still classified as having high limits, in addition to the fact that a number of dealers are busy with the season of returning to schools after the mid-year holiday», pointing out that «alloy products and currencies are the biggest loser during the period The current level of continuing prices at high levels, which supported the increase in the recession in the demand for them in the markets. ”
Jewelry and diamonds
In turn, said the director of marketing at the company, "Samara Jewelry", Katia Abu Samarah, that "most transactions in the markets are currently focused on the demand for jewelry, especially diamonds, while the markets witnessed a limited improvement in the last period."
In addition, last week's gold prices recorded declines that ranged between 25 and 50 fils for a gram of various carats.
The price of a gram of 24 carat gold reached 188.25 dirhams, a decrease of 50 fils, compared to its prices at the end of the previous week, while the price of a gram of 22 carat gold recorded 177 dirhams, a decrease of 25 fils, and the price of a 21-carat gram reached 168.75 Dirhams, a decrease of 50 fils, and the price of a gram of 18 carat gold reached 144.75 dirhams, down 25 fils.
The slight drop in prices spurred some traders to buy.