Outlets in malls accounted for the largest share of sales

The demand for tourists and the low prices stimulate the demand for the purchase of new gold jewelry

The price of a gram of 24 carat gold was 228 dirhams

At the end of last week, gold prices recorded declines of between three and four dirhams per gram of various calibers, compared to their prices at the end of the previous week, according to price indicators announced in Dubai and Sharjah.

Officials of gold and jewelry trade outlets told "Emirates Today" that the markets have recently recorded limited improvement rates in the demand for the purchase of new crafts, with the support of recent price declines in gold, in addition to a gradual activity of tourist groups' demand to buy, with the growth of activity. Tourism in the country, pointing out that the outlets in the commercial centers accounted for the largest shares of the improvement in sales, with the increasing demand for malls compared to traditional markets.

In turn, dealers said that they preferred to buy some of the currently handcrafted pieces as gifts, in the context of taking advantage of the decline in gold prices, and ahead of the occurrence of future rises of great proportions, according to the expectations that circulate in the markets.

Buy gifts

In detail, the dealer, Syed Ibrahim, said that he “bought a piece of jewelry as a gift for a member of his family, with low prices, which are within suitable limits for purchase now,” indicating that the piece of artifacts he bought was of 18 carats.

The client, Amal Mahmoud, indicated that she “was planning to buy a gift from the artifacts, and she was waiting for prices until they decreased, and reached appropriate indicators, and at that time she decided to buy, especially with expectations of high price increases of large proportions of gold in the coming days.”

The dealer, Muhammad Manaf, added that he preferred to buy a piece of jewelry now for his family, with recent drops in gold prices being monitored, and for fear of a return to high prices during the coming period, according to expectations in the markets.

New work

In turn, the director of “Dahkan Jewelery”, Jay Dahkan, said that “the demand for the purchase of new artifacts has recently witnessed an improvement at limited rates, with the support of the factors of the recent price declines in the yellow metal, in addition to the gradual activity that the markets recently witnessed in the turnout of some tourists On the purchase ».

For his part, Director of Sales at "De Diamond Jewelery", Dilip Sony, said that "sales of new crafts have recorded a growth in demand during the recent period, especially in stores within commercial malls, with the gradual growth in tourists' purchases, especially with the remarkable boom in The movement of tourism activity in the country, in addition to the record of gold prices for decreases that are considered a catalyst for buying », expecting that« the coming period will witness higher rates of demand for the purchase of crafts, with the growth of tourism movement in the markets during the winter season ».

Limited improvement

In turn, the manager of “Mashaom Jewelery”, Raj Obhai, explained that “sales of new crafts have recently registered a limited improvement in demand, especially in commercial centers compared to traditional markets, because they are witnessing higher turnout rates from dealers, whether residents or tourists.” That «the popularity of tourism activity in the country recently contributed to a gradual increase in the demand for the purchase of artifacts by tourists, especially with the price declines stimulating gold finally, and its continuation at appropriate rates for purchase».

gold prices

In addition, the price of a gram of 24-carat gold reached 228 dirhams, a decrease of four dirhams, compared to its prices at the end of the previous week.

While the price of a gram of 22 carat gold was 214.25 dirhams, down 3.75 dirhams.

The price of a gram of 21 carats reached 204.5 dirhams, a decrease of 3.5 dirhams, and the price of a gram of 18 carat gold reached 175.25 dirhams, a decrease of three dirhams.

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- Dealers who benefited from the decline in prices by buying some pieces of crafts as gifts.

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