Officials of Manafeth Gold and Jewelery Trade stated that the registration of gold prices is, at last, relatively stable levels at high price limits, supporting increased demand for dealers to sell used jewelry to stores, while these prices have resulted in an increase in the slow demand for purchasing new jewelry.
They pointed out to «Emirates Today», that the markets witnessed rates of decline in the sale of some dealers to bullion and currencies to the stores, with a widespread state of anticipation around the price of gold registering new increases during the coming period.
In turn, the manager of "Al-Ayyam Jewelry" shop, Jalish Saqr, said that "the stability of gold prices at high limits contributed to the decline in the dealers’ selling rates for bullion in anticipation of a shift in prices from stability to record new increases during the coming period, while on the other hand sales of dealers increased, Artifacts used for shops, in order to benefit from the high limits of gold. He pointed out that «the markets are currently controlled by sharp manifestations of declining demand for the purchase of new artifacts, with most dealers postponing the purchase plans, until gold prices return to decline in incentive rates».
For his part, said the sales manager at the "Rigi Jewelery" shop, Manjish Palikra, that "the prevailing pattern on the markets today is the approach of dealers to sell the used jewelry to the stores, in order to benefit from the stability of gold prices at high rates, which is the highest in its indicators in seven years." He pointed out that "the stores benefit from the purchases of used gold, with a discount on the price of workmanship and (lobes), in addition to buying raw gold at a lower price than the markets with average values ranging between 2 and 3 dirhams, in order to benefit from profit margins when buying and recycling."
In turn, the director of the «Dahkan Jewelery» company, Jay Dahkan, explained that «the markets are currently witnessing great manifestations of the slow demand for purchasing new artifacts, with prices continuing at high rates, which were stimulating to increase the demand of dealers to sell old models from their works to the stores, to benefit From rising prices and waiting for prices to come back down to buy new models. ”
He added that «a number of dealers in the investment sector in gold bars are currently slowing in the process of reselling their products in the stores, hoping to record gold prices for new additional increases during the coming period.
gold prices
Gold prices recorded, at the end of last week, in the state markets, indicators of relative stability similar to the previous week, with the exception of 22-carat recording an increase of 25 fils per gram.
The price of a gram of 24-carat gold was 199.25 dirhams, similar to its price at the end of the previous week, while the price of a gram of 22-carat gold amounted to 187.25 dirhams, an increase of 25 fils, and the price of a 21-carat gram reached 178.5 dirhams, as did the price of a gram of gold From 18 carats to 153 dirhams.