Price increases exceeding 7 dirhams in a week

Tourist turnout supports the improvement in sales of gold jewelry

The price of a gram of 22 carat gold was recorded at 208.25 dirhams, an increase of 6.75 dirhams.

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Gold prices recorded, at the end of last week, increases of between 5.5 and 7.25 dirhams per gram of various karat, 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 despite the recent increases in gold prices, and in large proportions, the remarkable trend that the markets recently witnessed for tourists to buy has contributed to supporting the sales of artifacts, which made The effects of price increases are very limited, adding that the stores witnessed varying rates of demand from residents to buy, especially for small-sized gifts, but the largest percentages of sales were for tourist groups.

In turn, dealers reported that they bought pieces of jewelry for family occasions, but the increases forced them to reduce the size of the works, compared to what was previously targeted.

Buy gifts

In detail, the dealer, Ramy George, said that he was planning to buy a gift of gold jewelry before he traveled to spend the end of the Christmas holidays with his family, but the price increases contributed to changing his plans and reduced the weight of the jewelry targeted to be purchased.

The dealer, Samir Majdi, indicated that he bought a piece of jewelry as a gift for his family, but the price increases made him buy a smaller piece of weight.

The client, Laila Khaled, added that she bought two pieces of jewelry from the Dubai market, as part of a tourist visit, pointing out that, prior to her tourist visit to the country, she was planning to buy gold, because of his fame in the region, in terms of diversity in models and high quality.

Tourist traffic

For his part, Director of the "Vanish Jewelry" store, Samhav Barrera, said that "the recent boom witnessed in the tourism movement in the state markets, as a result of the resumption of flights to a large number of international destinations for some time, positively reflected on the improvement in the sales of artifacts, despite the increases." The great price of gold recently recorded, ”noting that“ the tourist demand was a factor of resistance in the face of price increases. ”

Price rises

In turn, Amit Ferradi, a sales official at "Molji Valbhaji Jewelery" store, said that "despite the recent big price increases in gold, the remarkable turnout of tourist groups in the markets contributed to supporting the activity of artisan sales as a positive factor in facing these increases." Pointing out that «the markets witnessed varying turnout rates for residents, but most of them concentrated in small pieces for the artisans, and the tourist turnout has acquired the largest percentages of sales in stores recently.

Improved sales

“The current period is witnessing better sales rates compared to previous weeks, with the support of the activity of the tourist groups in the gold markets, which was a positive factor to resist the effects of the large price increases recently recorded by the yellow metal,” said Sadaqat Ahmed, the sales manager of the shop. Which would have been in normal times a reason for the domination of slowdowns in sales, especially with the absence of occasions to stimulate buying during the current days.

gold prices

In addition, at the end of last week, gold prices recorded increases, ranging between 5.5 and 7.25 dirhams per gram of various grades.

The price of a gram of 24-carat gold was 229 dirhams, an increase of 7.25 dirhams, compared to its prices at the end of the week before it, while the price of a 22-carat gram of gold was 208.25 dirhams, an increase of 6.75 dirhams.

The price of a gram of 21 carats reached 198.75 dirhams, an increase of 6.5 dirhams, and the price of a gram of 18 carat gold reached 170.5 dirhams, an increase of 5.5 dirhams.

229

A dirham is the price of a 24-carat gold gram, which is 7.25 dirhams.

The largest percentages of sales were acquired by the tourist groups, in exchange for a mixed interest in purchasing from residents.

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