Manafeth Gold and Jewelery Trade officials revealed that the markets have recently witnessed a remarkable growth in the number of dealers selling their used artifacts to stores, to take advantage of the large price increases that gold recently registered.
They pointed out to «Emirates Today» that the gold gains recently revived the purchase of used artifacts in the markets, but it negatively affected the movement of selling stores to new artifacts, which witnessed a decline in various proportions, and was concentrated in some sales to tourists.
In addition, at the end of last week, gold prices recorded increases ranging between 3.75 and five dirhams per gram of various calibers, according to the prices announced in the Dubai and Sharjah markets, while the total price increases of gold grams during the past two weeks amounted to 7.5 dirhams.
In detail, the sales manager at the Al-Matrooshi Jewelery Store, Deep Sony, said that “the recent price increases have reduced the demand for new gold items, and contributed to the growth in demand for customers to sell their used jewelry to the stores, in an attempt to take advantage of the high price limits for gold, which It is the largest in more than five years, ”pointing out that“ the growth of the trade in selling gold used to stores also benefits the merchants, because the sales are done by deducting the prices of workmanship, stones and lobes, and there are some stores that work on (polishing) those artifacts and reselling them again. ” .
For his part, the director of sales at the "Baqadir Mubarak Jewelry" shop, Riyad Al-Yafi, added that "recording gold prices are new increases, for the second week in a row, contributed to reducing the demand for sales of crafts, and moving the demand in large proportions to sell a number of dealers to their used artifacts To the stores to take advantage of the price differences, as some dealers prefer to sell at those times to the old handicrafts, and wait for periods of record gold prices for decreases in large proportions to buy artifacts from modern models at better prices ».
The director of the «Ali Ammar Precious Stones and Jewelry» store, Muhammad Rafeeq, pointed out that “the price increases of gold recently contributed to the slow demand for sales of new artifacts, with the fact that these increases are effective, and come for the second week in a row”, pointing out that “most of the sales The demand from tourists centered on gifts of small-sized items, while the markets witnessed remarkable demand rates from dealers to sell used artifacts to stores, to take advantage of the current high price limits for gold.
Price indicators
Gold prices recorded, at the end of last week, a rise that ranged between 3.75 and five dirhams per gram, of various calibers.
The price of a gram of 24-carat gold was 195.75 dirhams, an increase of five dirhams, compared to its prices at the end of the previous week, while the price of a gram of 22-carat gold reached 183.25 dirhams, an increase of 4.5 dirhams, and the price of a 21-carat gram reached 175.25 dirhams, an increase It reached 4.25 dirhams, and the price of a gram of 18 carat gold reached 150.25 dirhams, an increase of 3.75 dirhams.